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Yuan to strengthen mildly in 2013: analysts


08:18, January 06, 2013

BEIJING, Jan. 5 (Xinhua) -- The Chinese yuan will not see any sharp rises in 2013 due to the country's dwindling trade surplus but small gains with more two-way fluctuations will further stabilize the economy, analysts predicted.

The yuan's exchange rate experienced roller-coaster-style changes in 2012, as the first half of the year saw depreciation but reversed the trend to frequent gain by the daily limits after October.

In the spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

On the last trading day of 2011, the yuan's central parity rate against the U.S. dollar was 6.3009.

It advanced to a high of 6.2670 on May 2, 2012 but weakened to the lowest in the year of 6.3495 on Aug. 16. It closed at 6.2855 on the last trading day of 2012.

Therefore, the yuan gained 0.25 percent last year. Considering the inter-session data, the annual appreciation was 1.15 percent.

At the end of 2011, slowing global and domestic economic recovery and the deepening European debt crisis beefed up expectations for a weaker yuan.

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