Friday, Aug 22, 2014Friday, Aug 22, 2014
News
 

China's yuan hits record high on economic recovery

Published on Nov 13, 2012 7:03 PM
 
A clerk counts US dollar banknotes after counting Chinese 100 Yuan banknotes at a branch of the Agricultural Bank of China in Qionghai, China's southmost Hainan province, November 12, 2012. China's yuan currency hit a record high against the US dollar on Tuesday, as a recovery in the domestic economy and US political pressure helped the unit strengthen, analysts said. -- PHOTO: REUTERS

SHANGHAI (AFP) - China's yuan currency hit a record high against the US dollar on Tuesday, as a recovery in the domestic economy and US political pressure helped the unit strengthen, analysts said.

Trade data released on Saturday lifted confidence in the domestic economy, according to analysts, while an expected US government report on exchange rates may be prompting the central bank to guide the yuan higher.

The yuan touched an intra-day high of 6.2262 to the dollar, according to the China Foreign Exchange Trade System, marking the strongest level since China launched its modern foreign exchange market in 1994.

It also registered a record closing high of 6.2265, firming from Monday's close of 6.2291.

 
If you are not a subscriber, you can get instant, unlimited access here