Friday, September 28, 2012

Reuters: US Dollar Report: China's yuan hits post-2005 high as Oct holiday approaches

Reuters: US Dollar Report
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China's yuan hits post-2005 high as Oct holiday approaches
Sep 28th 2012, 07:25

SHANGHAI, Sept 28 | Fri Sep 28, 2012 3:25am EDT

SHANGHAI, Sept 28 (Reuters) - China's yuan rose on Friday to its strongest level since China's landmark de-pegging of its currency in July 2005.

The yuan hit 6.2856 per dollar shortly after 3 pm (0700 GMT), 169 pips stronger than Thursday's close and 84 pips above its midday level of around 6.2940.

The yuan has strengthened consistently since hitting a 2012 intraday low of 6.3967 on July 25, supported by the dollar's retreat in global markets and, more recently, the launch of the Federal Reserve's latest round of quantitative easing.

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