Foreign Exchange News
- Yuan dips against strong U.S. dollar
Date: 5-Mar-2007 Sources: (Shenzhen Daily)
THE yuan edged lower against the U.S. dollar Friday for the second straight day, but dealers said the Chinese currency could soon stage a comeback once the dollar loses its momentum globally.
The yuan peaked Wednesday, when it hit an intraday high of 7.7378 versus the dollar, its highest trading level since it was revalued and freed from a dollar peg in July 2005. But it ended weaker Thursday at 7.7435 and slipped further to close at 7.7465 Friday as the dollar rose against major international currencies despite concerns for a further sell-off of global stocks.
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