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RMB reaches new high

06
Jun '07
After negative fluctuations for numerous days, RMB has resumed its upward momentum again. It soared nearly 100 points yesterday, set a new high, and started to approach the next important barrier of 7.64 yuan.

While, middle price 7.64 yuan marked RMB climb of 95 basis points (bp) yesterday, transaction price in the market rose 100 bp. Now, close price of 7.6412 yuan only 12 bp away.

Dealers said that RMB once again picked up a rising force after experienced a consolidation for a few days.

Yesterday, the single-day increase of RMB set a record of the largest gain in the two weeks. Since this year, the accumulated inflation of yuan has for the first time exceeded 2.1 percent.

Traders point out that there is no suspense in yuan's appreciation trend, having stayed in the vicinity of 7.65 yuan for a few days, it has gained a fresh upward momentum, and therefore yesterday's new high is not a big surprise.

This weekend, the upcoming G-8 meeting will be held. If the issue of RMB exchange rate becomes a concern again, then yuan will continue to rise. It is likely to create another new height.

Fibre2fashion, News Desk - China


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