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People's Daily Online>>China Business

Yuan hits a record high level against US dollar

By Gao Changxin (China Daily)

09:08, December 27, 2011

SHANGHAI - The yuan hit a record high against the US dollar on Monday on the back of much stronger volatility this month.

The Chinese currency gained for a second straight day, reaching a record of 6.3287 in morning trading, after the central bank guided the currency stronger via its daily reference exchange rate, set 0.07 percent higher at 6.3167 per dollar.

The new high, analysts said, underscored the yuan's new, market-oriented pattern of movement against the dollar.

Previously, the yuan had appreciated almost unilaterally against the dollar, but the currency has recently become more volatile, posting two-way fluctuations.

This month, the yuan touched the bottom of the daily trading range of 0.5 percent on 12 out of the month's 18 trading days. The currency also posted a record one-day gain of 0.4 percent on Dec 16.

"Clearly, the yuan has become more volatile, and it is a good thing," said Wang Jianhui, chief economist with Southwest Securities Co Ltd.

"It's what the exchange rate should be under a real market-oriented exchange rate formation system, which the central government has vowed to build."

In a research note this month, Australia and New Zealand Banking Group Ltd said it expected the Chinese central bank to expand the yuan's daily fluctuation range against the dollar as early as January to make the exchange rate more market-based.

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