Chinese yuanThe Chinese yuan posted the sixth straight quarterly gain on the speculation that China will allow the currency to appreciate faster in order to slow growth of consumer prices.
The People’s Bank of China increased the reference rate for the yuan to 6.4716 per dollar today, allowing the currency to fluctuate 0.5 percent in either side of the target. Li Daokui, the adviser to the central bank, explained the rise of prices in June by higher costs of agricultural products and pork. China Securities Journal said today, citing the State Information Center, the inflation is estimated to be 5.3 percent in the first half of 2011 and about 4.9 percent for the whole year.
USD/CNY traded at 6.4648 today as of 11:22 GMT, fluctuating near its opening rate of 6.4644, after rising as high as 6.4680 and falling as low as 6.4625.
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Earlier News About the Chinese Yuan:
Yuan Appreciates Above 6.5 vs. USD for a Short Time (2011-04-29)
Chinese Yuan Appreciates with Other Asian Currencies (2011-04-02)
China Allows Yuan Appreciate, Can It Do So? (2011-01-12)
Yuan Rises Beyond 6.6 per Dollar as China Battles Inflation (2010-12-31)
Can Yuan's Gains Be Limited by Demands for Slower Appreciation? (2010-12-
