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 China's Yuan Rises Close to Level Of Parity |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
with Hong Kong Dollar.
Our US $$$ is contracting again!! 
By JAMES T. AREDDY
November 27, 2006 7:14 a.m.
SHANGHAI -- China's yuan strengthened against the U.S. dollar to near the psychologically important level of parity with the value of Hong Kong's dollar, continuing the Chinese currency's slow but steady appreciation.
The U.S. dollar, which has been weakening against all major currencies recently, ended Shanghai trading on Monday at 7.8423 yuan, down from 7.8525 yuan on Friday. At one point, the U.S. currency traded at 7.8410 yuan, a record low since the yuan's exchange rate was depegged from the dollar in July 2005. Including a one-time revaluation that month, the dollar has now fallen 5.25% against the yuan.
Monday's move for the first time put the yuan within the trading range of the Hong Kong dollar, whose value is allowed to fluctuate within a tiny band between HK$7.75 and HK$7.85 to the U.S. dollar. The development comes ahead of a planned visit to Beijing in December by U.S. cabinet officials led by Treasury Secretary Henry Paulson during which China's exchange-rate policy is expected to be a major subject of discussion.
Despite Monday's gains, strong growth in China's stockpile of hard currency -- now over $1 trillion -- is considered by many critics to be evidence that the yuan's gains have had been too slow to have an impact on China's soaring trade surplus with the U.S. and other countries. Critics say Beijing's interference in its exchange-rate mechanism keeps the yuan artificially undervalued, making China's exports less expensive than they should be.
China's yuan also benefited Monday in part, traders said, from a fall globally in the U.S. dollar. Indeed, concerns about China's plans for its currency reserves helped fuel that decline internationally on Friday after Wu Xiaoling, a deputy governor of China's central bank, was quoted as saying there is growing "depreciating risk" for assets held by central banks in East Asia as a result of weakness in the U.S. dollar. Markets are on constant alert for any sign China is losing its appetite to accumulate dollars as a reserve currency.
Under Hong Kong's currency board system, authorities have committed to buying or selling the U.S. dollar as needed to prevent it from moving outside the HK$7.75 to HK$7.85 range. Although the yuan moved within that band Monday, it remains less valuable than the Hong Kong currency, as the U.S. dollar ended Hong Kong trading Monday at HK$7.7774, sharply lower than HK$7.7835 on Friday.
Hong Kong's increasing economic integration with mainland China has long fueled speculation that the territory might adjust its 23-year-old currency system to link the Hong Kong dollar to the yuan rather than the U.S. dollar. Hong Kong officials have consistently said they have no plans to change the system, but the approach of the yuan toward parity with the Hong Kong dollar is still likely to increase such speculation, analysts said.
"We expect convergence of [the U.S. dollar's exchange rate with the yuan and the Hong Kong currency] before yearend and believe it will increase interest in 'break the peg' trades," said Tim Condon, chief economist for Asia at ING.
But Joseph Yam, chief executive of the Hong Kong Monetary Authority, in a recent commentary, called such speculation about the Chinese and Hong Kong exchange rates "entertainment, like picking the winner in a horse race."
-- Siobhain Ryan, Denis McMahon and Wang Ming contributed to this article
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 China's Yuan Rises Close to Level Of Parity -- ceo/cfo - (3586 Byte) 2006-11-28 周二, 01:42 (1587 reads)
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