(Bloomberg) -- The yuan gained in the week, closing at the strongest since a dollar peg was scrapped in July 2005, on speculation China will permit gains to curb growing foreign- exchange reserves and to cool the economy.
The reserves, the world's largest and accumulated in part by buying dollar-denominated U.S. Treasuries to temper yuan appreciation, rose to a record $1.2 trillion at the end of March, a report showed yesterday. Federal Reserve Chairman Ben S. Bernanke reiterated this week a flexible exchange rate is in the interests of China.
Read more at Bloomberg Currencies News
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