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Is China Starting To Cave? Yuan Hits New Record Against The Dollar

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Joe Weisenthal
Business Insider
Sept 20, 2010

Could China be weakening its stance, a little, regarding the yuan?

It’s been strengthening its currency in recent days.


China’s yuan rose again on Monday after the central bank set the central parity rate at a fresh post-revaluation low. The yuan has risen more than 1% against the greenback in the last eight trading days as the Central Bank has moved to adjust parity rates. The dollar was trading at 6.7109 at the midday break in Hong Kong trading, down from its level of 6.7255 in late Asian trade Friday. The PBOC set the central parity rate at 6.7110, down slightly from Friday’s level of 6.7172.

Obviously these baby steps won’t be nearly enough to satisfy anyone. Tensions are still set to explode in the coming weeks and months.

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This article was posted: Monday, September 20, 2010 at 3:34 am

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