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| Economy | |
| Chinese yuan hits record high against US dollar | |
| 2012-10-13 | |
The upcoming US presidential election and expectations the US government will soon release its semiannual report on exchange rate policies could have prompted Beijing to guide the yuan higher, analysts said. The yuan touched an intraday high of nearly 6.2640 to $1.0, according to the China Foreign Exchange Trade System, marking the highest level since 1994 when the country launched its modern foreign exchange market. "We don't rule out the possibility of China taking pre-emptive action ahead of the US election," Liu Dongliang, an analyst at China Merchants Bank, told AFP. "But it's more like this move was meant to respond to the upcoming exchange rate report," he said, referring to the US Treasury Department's report on exchange rate policies that will address China, among others. | |
| Posted by:lotp |
| #2 Year US dollar 1981 1.705 1982 1.8925 1983 1.9757 1984 2.327 1985 2.9366 1986 3.4528 1987 3.7221 1988 3.7221 1989 3.7651 1990 4.7832 1991 5.3233 1992 5.5146 1993 5.762 1994 8.6187 1995 8.351 1996 8.3142 1997 8.2898 1998 8.2791 1999 8.2783 2000 8.2784 2001 8.277 2002 8.277 2003 8.277 2004 8.2768 2005 8.1917 2006 7.9718 2007 7.604 2008 6.9451 2009 6.831 2010 6.7695 2011 6.4588 |
| Posted by: Zhang Fei 2012-10-13 12:44 |
| #1 Or maybe they think Zero will get re-elected and they expect the dollar to plunge. They have so many dollars nobody wants them any more. Letting the yuan drift higher courts internal instability. |
| Posted by: Nimble Spemble 2012-10-13 05:32 |