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People's Daily Online>>China Business

Yuan firms on parity rate rise

By Feng Jianmin (Shanghai Daily)

08:51, December 09, 2011

China's currency strengthened for the first time in four days during market trading yesterday after the central bank raised the yuan's central parity rate to the strongest this week.

Economists said the recent weakening was due to strong demand for the US dollar but was not an indication of depreciation in the long run.

They predicted that the yuan will continue a gradual appreciation in 2012 of between 2 and 3 percent along with the stable growth of the country's economy.

The People's Bank of China yesterday raised the daily fixing rate 0.04 percent to 6.3319 per dollar, the strongest since last Friday.

The yuan touched the lower trading limit for the seventh straight day at 6.3636 against the dollar in morning trading, before rising to 6.3619 when the market closed, 0.04 percent stronger than Wednesday's close.

The yuan can trade within 0.5 percent either side of the central bank's daily fixing rate.

"The stronger fixing rate lifted market confidence. It is a signal that the central bank wants a stable yuan to affirm its goal to internationalize the currency," said Li Wei, an economist with Standard Chartered Bank. "That meets with the country's interests in the long run."

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