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English>>China Business

Yuan rises to new high against dollar (2)

By Wang Fei’er  (Global Times)

14:24, October 15, 2012

Since the start of 2012, many prominent figures within the Chinese government - including Chinese Premier Wen Jiabao, and Zhou Xiaochuan, the governor of the PBC - have stated on several occasions that the yuan's value is approaching equilibrium.

Sheng supported these remarks and explained that the gradual balancing of China's trade portfolio also indicates that the yuan is getting closer to equilibrium.

China's trade surplus relative to its GDP shrank to 5.2 percent in 2011, down from 10.1 percent in 2007, according to data from the International Monetary Fund which predicted that the contracting trend would continue in 2012.

But as the government slowly increases the yuan's exposure to market forces, it will likely also take appropriate steps to moderate the currency's appreciation, Chen Xuebin, deputy director of the Institute for Financial Studies at Fudan University, told the Global Times. A stronger yuan will make Chinese goods more expensive abroad in dollar terms, which will put further pressure on the country's export sector just as overseas demand falters, explained Chen.

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