Foreign Exchange News
- Yuan hits new high against U.S. dollar
Date: 19-Mar-2007 Sources: (Shenzhen Daily)
THE yuan hit a post-revaluation high against the U.S. dollar in late trade Friday amid rising expectations that the central bank will raise official interest rates, which would narrow the gap with U.S. rates and add pressure for a yuan rise.
The yuan touched 7.7350 to the dollar 10 minutes ahead of the market close, its highest level since the currency was revalued and depegged from the dollar in July 2005. It finished at 7.7360, up from Thursday's close of 7.7440. The yuan's previous post-revaluation high of 7.7353 was set March 8.
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