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- Yuan rises past 7.40 against dollar
Date: 26-Nov-2007 Sources: (Shenzhen Daily)
THE yuan rose sharply against the U.S. dollar to a post-revaluation high Friday ahead of the arrival of senior European officials in Beijing this week to discuss economic and foreign exchange issues.
The yuan rose 0.11 percent to 7.4060 against the dollar in Shanghai, from 7.4257 a week ago, according to the China Foreign Exchange Trade System. The currency rose as high as 7.3912, the strongest since the yuan was revalued and depegged from the dollar in July 2005, and sharply higher than 7.4145 at Thursday's close.
Before the market opened Friday, the central bank set the mid-point of the yuan's exchange rate against the dollar at 7.3992, the highest mid-point since the revaluation, versus Thursday's mid-point of 7.4119. The yuan may rise or fall 0.5 percent from its mid-point each day.
The yuan's sharp rise coincided with recent falls in the dollar on global markets and preparations for a Sino-EU summit in Beijing this week, when European officials are expected to call for faster yuan appreciation.
European Central Bank President Jean-Claude Trichet will attend together with other senior European government officials, including from the European Monetary Affairs Commission.
Their visit will follow French President Nicolas Sarkozy's trip to Beijing at the weekend. Sarkozy's aides have said that he is expected to urge the Chinese Government to allow the currency to appreciate further and faster.
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