Posted by: mulrickillion | February 11, 2012

Yuan hits new high ahead of Xi’s visit

By Lan Lan, China Daily, Feb 11, 2012 —

Experts say rise shows market has confidence in Chinese economy

BEIJING – The yuan rose to an 18-year-high on Friday, climbing as Vice-President Xi Jinping prepares to step onto a plane for his trip to the United States next week.

The People’s Bank of China set the yuan’s central parity rate against the US dollar at 6.2937 after the rate rose for two consecutive trading days, according to the China Foreign Exchange Trading System.

"The exchange rate will see more fluctuations, although the positive outlook for the Chinese economy has sparked expectations of a strengthening of the currency," said Zhuang Jian, senior economist with the Asian Development Bank.

Zhuang predicted the yuan may rise about 3 percent this year. However, that is slower than the 6 percent against the dollar in real terms last year. . . .

Yuan hits new high ahead of Xi’s visit|Top News|chinadaily.com.cn

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