Close range against dollar due to policy
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The yuan is expected to stay in a close range against the United States dollar this week as China reiterated yet again its commitment to maintain the stability of its currency to ensure a steady recovery in global trade.
The Chinese currency closed generally flat against the US dollar last week and ended at 6.82879 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8282 at the end of the previous week.
"China will keep the exchange rate of the yuan basically stable," Chinese Commerce Minister Chen Deming reiterated last Thursday during a visit to Turkey. He added that an unstable yuan will have a major negative impact on global trade.
China has kept the yuan at about 6.83 to the greenback since July 2008 to help exporters during the global financial crisis.
