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Yuan rises to post-revaluation high
By Jake Lee (Bloomberg)
Updated: 2006-03-21 07:09
"We will further improve the renminbi exchange-rate mechanism, expand the
foreign-exchange market and add more flexibility to the exchange rate's trading
band," China's Premier Wen said at the close of parliament's annual meeting on
March 14 in Beijing. He gave no timetable and ruled out a sudden revaluation of
the currency.
Exchange-based trading in the yuan ends at 3:30 p.m., while dealing directly
between banks continues for two hours. The currency closed at 8.0250 at 5:30
p.m., according to the Web site of the China Foreign Exchange Trade System in
Shanghai.
Traders are betting on a 3.9 percent gain in the yuan to 7.7195 in a year,
forward contracts showed. Forwards are agreements in which assets are bought and
sold at current prices for future delivery.
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