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Yuan continues record run against dollar

(China Daily)

13:44, October 18, 2012

China's central bank fixed the onshore yuan rate 0.12 percent up at 6.3028 against the US dollar on Wednesday, a four-month high.

The move helped push the onshore yuan spot to a 19-year high of 6.2532 and offshore yuan spot to an all-time record of 6.2540.

The currency appreciated in the forward market both onshore and offshore.

It's not the first time the yuan has hit records in recent months, as the US' new round of quantitative easing cheapened the greenback.

The yuan touched a high of 6.2578 in mid-day trading on Friday after breaking through 6.30 for the first time in decades on Sept 20.

The Chinese currency has fluctuated more widely and frequently after the country widened the yuan's fluctuation band against the US dollar earlier this year.

The central bank said in April that the yuan's daily fluctuation band will be widened from 0.5 percent to 1 percent, showing the country's determination to make the yuan more market-oriented.

In a briefing in Beijing on Wednesday, Foreign Ministry spokesman Hong Lei denied charges that China manipulates its currency.

Central bank Deputy Governor Yi Gang said earlier that the yuan's exchange rate is close to being in equilibrium.

The appreciation came as Chinese exports increased more than expected in September, leading to a trade surplus of $27.67 billion.

A currency tends to appreciate amid trade surpluses in a free foreign exchange market.

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