Yuan-dollar rate poised to break through 7.0 barrier
28 March 2008
The yuan - currently trading at 7.0105 to the US dollar - is expected to fall below RMB7.0 ahead of US Treasury Secretary Henry Paulson's three-day visit to China on April 1, the Wall Street Journal reported. The yuan has risen 1.1% against the dollar over the last two weeks, following a period little change during the National People's Congress. The yuan's value typically remains stable during high-level gatherings of China's leadership. So far this year the yuan has gained 4.3% against the dollar - an annualized rate of 17.4%. In 2007, the yuan rose by 6.9%. Paulson, who is scheduled to meet with Vice Premier Wang Qishan and other leaders, has repeatedly called for the yuan to appreciate at a faster rate.
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