Stable yuan not seen to rise sharply
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The Chinese yuan is not likely to rise significantly this week as China reaffirmed its determination to maintain a stable currency.
The currency gained slightly against the US dollar last week and ended at 6.8269 last Friday, according to the China Foreign Exchange Trade System. The People's Bank of China, the central bank, set the mid-point at the same level at the end of the previous week.
A Commerce Ministry spokesman, Yao Jian, told a regular news conference last Thursday that a stable yuan will benefit Chinese exporters.
He added that "a stable exchange rate for the currency will remain China's prime target" as many exporters haven't recovered from the global financial crisis.
Zhao Qizheng, a spokesman for the Chinese People's Political Consultative Conference, also reaffirmed last Wednesday that China would be cautious in managing the yuan and avoid abrupt policy shifts.
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