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Yuan Hits Record High Against Dollar, Up 7% Since Depegging

Posted By admin On August 30, 2011 @ 2:09 am In Money Watch | Comments Disabled

CNBC [1]
August 30, 2011

China’s yuan hit its all-time trading peak versus the dollar in early trade on Tuesday, after the People’s Bank of China set another record high mid-point, with traders predicting further rises for the rest of the year.

Traders said the government was apparently using the yuan’s exchange rate to help fight high inflation as well as help improve China’s economic structure and raise the yuan’s global status.

In the latest sign of official jitters over rising prices, the National Development and Reform Commission said high global commodity prices have led to imported inflation in the world’s second-largest economy.

Persistently high global prices for commodities and other goods were fueling consumer inflation in China and might put Beijing’s full-year inflation target of 4 percent out of reach, the country’s top economic planner said.

Full story here. [1]

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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/44323312

[2] China’s yuan hits record high amid US pressure: http://www.prisonplanet.com/chinas-yuan-hits-record-high-amid-us-pressure.html

[3] Chinese Yuan Hits 18 Year High Against Dollar: http://www.prisonplanet.com/chinese-yuan-hits-18-year-high-against-dollar.html

[4] Yuan Climbs to 17-Year High Against the Dollar: http://www.prisonplanet.com/yuan-climbs-to-17-year-high-against-the-dollar.html

[5] Dollar tumbles to record lows, gold hits record high: http://www.prisonplanet.com/dollar-tumbles-to-record-lows-gold-hits-record-high.html

[6] China’s yuan hits another new high against U.S. dollar: http://www.prisonplanet.com/chinas-yuan-hits-another-new-high-against-us-dollar.html

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