Foreign Exchange News
- Yuan retreats despite Bernanke's push
Date: 18-Dec-2006 Sources: (Shenzhen Daily)
THE yuan retreated against the U.S. dollar Friday, despite fresh efforts by top U.S. government officials, including Federal Reserve Chairman Ben Bernanke, to push China for a stronger currency.
The yuan closed at 7.8275 versus Thursday's close of 7.8185, after the central bank set the yuan mid-point at 7.8185, the highest mid-point level since the landmark revaluation in July 2005, versus Thursday's 7.8197. The yuan hit a new post-revaluation intra-day high of 7.8180 Thursday morning. Bernanke and U.S. Treasury Secretary Henry Paulson were meeting their Chinese counterparts in Beijing last week. Friday was the second day of their trip, aimed at strengthening Sino-U.S. economic relations.
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