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China's yuan hits 4th straight high
(Reuters)
Updated: 2005-08-02 20:27
Still dollar led
Although China's central bank says the yuan is tracking a basket of
currencies, most dealers think that basket is mostly full of dollars, according
to the Reuters.
"We believe the dollar still accounts for the lion's share in a package of
currencies the yuan is now linked to, so the domestic market is mainly following
dollar movements," said a dealer at a foreign bank.
The initial revaluation -- to 8.11 per dollar from a long-standing trading
mid-point of 8.2780 -- amounted to 2.07 percent. After more than a week of micro
moves, mostly upward, the gain has been extended to 2.16 percent.
The daily ranges also remain narrow because traders fear buying the yuan at
high prices that might prompt official selling that would drive the thinly
traded currency lower again, the Reuters reported.
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