Yuan opens at post-revaluation high vs dl
(Reuters)
Updated: 2006-06-30 10:32
China's yuan opened at 7.9945 against the dollar on Friday, its highest level
since its revaluation in July 2005, amid dollar weakness on global markets after
the U.S. Federal Reserve meeting on Thursday.
"The Fed meeting gave signs that the United States is likely soon to stop
raising interest rates," said a Shanghai dealer at a European bank. "So we
expect the yuan to rise in line with major world currencies."
Dealers said the yuan could test the psychologically important 7.9900 level
in coming days. The yuan's previous peak since it was floated was 7.9955,
reached on Thursday. It has now appreciated a further 1.44 percent since the
revaluation.
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