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English>>China Business

Yuan touches high end of trading band

By Feng Jianmin (Shanghai Daily)

08:14, November 09, 2012

THE yuan strengthened yesterday and hit the high end of the daily trading band for the eighth trading day after the central government pledged stable economic growth by 2020.

The yuan rose 0.01 percent from Wednesday to close at 6.2429 per dollar in Shanghai, stronger than the People's Bank of China's central parity rate by the maximum 1 percent allowed, according to the China Foreign Exchange Trade System. The PBOC yesterday set the central parity rate at 6.3060 despite the yuan's strong gain in the spot market.

Economists have cited the recent firming of the yuan to a globally easing monetary situation and a stabilizing Chinese economy that helped lift investors' risk appetite.

President Hu Jintao yesterday said China will double its gross domestic product by the end of this decade from 2010, and PBOC's deputy governor Yi Gang said the economy will be "relatively good" in the fourth quarter.

In Hong Kong, the yuan shed 0.02 percent to 6.2355 per dollar, while the 12-month non-deliverable forwards, seen as sign of the yuan's future valuation, fell 0.09 percent to 6.3550, a 1.8 percent discount to the onshore spot rate.

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