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China's yuan hits new high
against U.S. dollar for 2nd day
Xinhua
Wednesday, March 26, 2008
The Chinese currency, the yuan, recorded its second high in
as many days on Wednesday against the weakening U.S. dollar, breaking
the 7.03 mark.
The central parity rate of the Renminbi (RMB) rose 184 basis
points from Tuesday to touch 7.0252 per dollar, according to the
China Foreign Exchange Trading System.
The yuan has risen about 4 percent against the dollar so far
this year.
The dollar, meanwhile, has been undermined by several developments.
The U.S. Consumer Confidence Index for March, released on Tuesday,
dropped to 64.5 points, the lowest since the start of the Iraq
War in 2003.
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Recession fears and negative economic statistics have ended
the U.S. dollar's recent, short-lived rebound, and more investors
wanted to hold the steadily appreciating yuan, analysts said.
Ha Jiming, chief economist with the China International Capital
Corporation (CICC) said that the appreciation of the yuan would
help curb inflation in China but might not be very effective,
since the rise of global product prices and U.S. monetary policies
also had an effect.
China's consumer price index (CPI), the main inflation indicator,
rose to 8.7 percent in February from a year earlier, a 12-year
high.
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