Yuan Up 3.6% in 2010

January 3rd, 2011
in Background

Reuters:  China's yuan ended 2010 on a strong note, pushing past 6.59 per dollar on Friday to close the year up 3.6 percent and fanning hopes that it will see even more gains next year.

Follow up:

The currency closed at 6.5897 per dollar, capping nine trading days that saw it rise 1.3 percent from a recent low and giving a decisive close to the year after the currency zig-zagged from mid-October to mid-December.

The yuan's strength came after the People's Bank of China (PBOC) set its mid-point at a record high for the second straight day, signaling the central bank may be engineering a fresh leg of yuan appreciation ahead of the visit by Chinese President Hu Jintao to the United States in mid-January.

China-based traders expect the yuan to rise about 2 percent in the first quarter of 2011. For all of next year, it could gain around 6 percent as Beijing uses currency appreciation as a tool to fight consumer inflation, which hit a 28-month high in November, they said.  Read more at Reuters.....

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