In Asian deals on Friday, the Chinese yuan broke its psychologically important level of 6.50 against the dollar for the first time since 1993 on speculation the central bank will continue to let the yuan strengthen more as a way of battling inflation.
The consumer price inflation in China continued to hover above the government’s target of 4 percent despite several measures taken by the government and the central bank.
The People’s Bank of China has raised interest rates twice this year and hiked the reserve requirement three times in 2011 after raising it six times last year.
In March, consumer price inflation rose to 5.4 percent, the highest since August 2008, from 4.9 percent in February. The inflation also came in above the 5.2 percent forecast by economists. Food prices surged up 11.7 percent, while the increase in non-food prices was a tamer 2.7 percent. However, consumer prices fell 0.2 percent on a monthly basis in March.
Meanwhile, annual inflation for the first quarter came in at 5 percent, with an increase of 4.9 percent in cities and 5.5 percent in rural areas.
The dollar’s slide this week on U.S. Federal Reserve’s commitment to keep rates near zero-levels for an extended period also boosted the Chinese currency.
The yuan rose to a fresh record high of 6.4805 against the dollar at 9:50 pm ET, but it has come off slightly thereafter. The yuan is now worth 6.4907 per dollar.
The People’s Bank of China set today’s central parity rate for the yuan at a fresh record high of 6.4990 per dollar, compared to Thursday’s daily reference rate of 6.5051.
A survey by Markit Economics showed today that China’s manufacturing sector expanded at a steady pace in April, amid relatively lackluster growth of new business and a slower expansion in manufacturing production.
The Markit/HSBC purchasing managers’ index was at 51.8 during the month. The reading was unchanged from the March score and the flash estimate.
I’d have to check with you here. Which is not something I usually do! I enjoy reading a post that will make people think. Also, thanks for allowing me to comment!
Hello there I am so glad I found your site, I really found you by accident, while I was searching on Aol for something else, Nonetheless I am here now and would just like to say thank you for a remarkable post and a all round entertaining blog (I also love the theme/design), I don’t have time to go through it all at the minute but I have saved it and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the fantastic work.
Excellent, what a website it is! This weblog provides valuable data to us, keep it up.
We are recruiting tower crane operators, riggers and labours to work in Australia. Excellent pay and accommodation provided. We can also arrange visa and airfare. Please contact Dave Brown on +61290438720
Heya just wanted to give you a brief heads up and let you know a few of the images aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same outcome.
I simply could not depart your website prior to suggesting that I extremely enjoyed the standard information an individual supply in your guests? Is going to be again steadily in order to check out new posts
What’s Happening i’m new to this, I stumbled upon this I have discovered It absolutely helpful and it has helped me out loads. I’m hoping to contribute & help other customers like its aided me. Great job.
Thanks for a Interesting item; I enjoyed it very much. Regards Sang Magistrale
I just could not leave your website prior to suggesting that I extremely loved the usual information a person provide on your visitors? Is gonna be back continuously to inspect new posts
Whats Happening i’m new to this, I stumbled upon this I’ve found It absolutely helpful and it has aided me out loads. I’m hoping to contribute & help other users like its helped me. Great job.