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

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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.

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This article was posted: Tuesday, August 30, 2011 at 2:09 am

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