Others News
- Yuan rises past 7.5
Date: 25-Oct-2007 Sources: (Shenzhen Daily)
THE yuan climbed to a post-revaluation high against the U.S. dollar yesterday after the central bank set the yuan's daily reference rate at a new high.
It was the yuan's first major move to a fresh high in about a month, after a period of consolidation in which it essentially moved sideways.
But the spot rate barely rose beyond the reference rate yesterday, showing onshore traders - unlike some traders in the offshore non-deliverable forwards market - continue to expect the pace of yuan appreciation to be gradual.
The yuan traded at 7.4936 to the dollar, breaching the psychologically important 7.5000 level for the first time and up from Tuesday's close of 7.5047. The yuan hit a high of 7.4928, its highest level since its revaluation in July 2005, surpassing the previous post-revaluation high of 7.5006 touched Oct. 8.
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