China Sets New High for Yuan Vs. Dollar
I shall try to try to advise as a finance major to invest in Chinese yuan. It has increased so much in value and it is definitely going to be a strong currency to be reckoned with in time to come.
There are even papers written on replacing US Dollars with Chinese Yuan. And seriously, the steps that the Chinese government took, only speaks how much the are protecting their currency as well as under-valuing it so that it is so much affordable to spend in China.
Oh well, some time in the near future, i'm quite positive the Yuan will rise. So stock up the currency yah? If u look at Trade between US and China, the last few years was 0 until like recently that they are slowly opening up. But it will not be long before China becomes the biggest trading partner for EVERY country.
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SHANGHAI, China (AP) -- The official opening exchange rate for the Chinese yuan was set at a record high against the U.S. dollar on Monday and a top official pledged more progress on loosening currency controls.
The central bank's parity rate for the yuan was set at 7.8781 yuan per U.S. dollar on Monday. The yuan closed Friday at 7.8896 in the over-the-counter market, its highest level since the current exchange rate system was set up in July 2005.
The Bush administration has been prodding Beijing to let its currency float more freely with market forces. That is of keen importance to the United States, which saw its trade deficit with China swell to a record $202 billion last year - the highest ever registered with a single country.
U.S. manufacturers have said China is keeping its currency artificially low, making Chinese goods cheaper in the United States and U.S.-made goods more expensive in China.
Vice Premier Zeng Peiyan said China plans to push forward with reforms of the exchange rate system, which limits trading in the yuan and confines its movements to a narrow range.
Zeng, in remarks Monday on the Web site of the State Council, or Cabinet, reiterated Chinese pledges to try to curb its mounting trade surplus.
The daily parity rate is a weighted average of prices given by market makers, excluding the highest and lowest offers.
China allows the dollar-yuan rate to move no more than 0.3 percent above or below the daily parity rate each day, with other currency pairs - the yuan's values against the Japanese yen, Hong Kong dollar, euro and British pound - allowed to move within 3 percent of the parity rate each day.
There are even papers written on replacing US Dollars with Chinese Yuan. And seriously, the steps that the Chinese government took, only speaks how much the are protecting their currency as well as under-valuing it so that it is so much affordable to spend in China.
Oh well, some time in the near future, i'm quite positive the Yuan will rise. So stock up the currency yah? If u look at Trade between US and China, the last few years was 0 until like recently that they are slowly opening up. But it will not be long before China becomes the biggest trading partner for EVERY country.
---------------------------------------
SHANGHAI, China (AP) -- The official opening exchange rate for the Chinese yuan was set at a record high against the U.S. dollar on Monday and a top official pledged more progress on loosening currency controls.
The central bank's parity rate for the yuan was set at 7.8781 yuan per U.S. dollar on Monday. The yuan closed Friday at 7.8896 in the over-the-counter market, its highest level since the current exchange rate system was set up in July 2005.
The Bush administration has been prodding Beijing to let its currency float more freely with market forces. That is of keen importance to the United States, which saw its trade deficit with China swell to a record $202 billion last year - the highest ever registered with a single country.
U.S. manufacturers have said China is keeping its currency artificially low, making Chinese goods cheaper in the United States and U.S.-made goods more expensive in China.
Vice Premier Zeng Peiyan said China plans to push forward with reforms of the exchange rate system, which limits trading in the yuan and confines its movements to a narrow range.
Zeng, in remarks Monday on the Web site of the State Council, or Cabinet, reiterated Chinese pledges to try to curb its mounting trade surplus.
The daily parity rate is a weighted average of prices given by market makers, excluding the highest and lowest offers.
China allows the dollar-yuan rate to move no more than 0.3 percent above or below the daily parity rate each day, with other currency pairs - the yuan's values against the Japanese yen, Hong Kong dollar, euro and British pound - allowed to move within 3 percent of the parity rate each day.
thoughts by |nnoc3nt @ 23:53
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