22 Mar '11, 9am

Yuan hits record high against US dollar < great just great Obama

Yuan hits record high against US dollar < great just great Obama

The yuan rose to a record high against the dollar after the People's Bank of China set the mid-point at a new peak. -- PHOTO: AFP SHANGHAI - THE yuan rose to a record high against the dollar on Tuesday after the People's Bank of China set the mid-point at a new peak, signalling the government intends to use the currency to help fight high inflation. The China Securities Journal, an official newspaper, said on Tuesday that China should allow its currency to rise more quickly in the near term to repel imported inflationary pressure from soaring oil prices. Oil prices have stayed high as spreading unrest in the Middle East intensified concerns about potential threats to the region's oil supply and UN-mandated air strikes kept flow reduced from OPEC member Libya. Some Chinese forex dealers said the weak dollar also paved the way for the central bank to let the yuan rise slight...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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