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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's central bank sets weaker yuan exchange rate AFP - Thursday, June 24 Send IM Story Print BEIJING (AFP) - – China's central bank said it had let the yuan exchange rate weaken against the dollar Wednesday, after authorities pledged to relax controls over the currency. The People's Bank of China announced the central parity rate -- the centre point of the currency's allowed trading band -- at 6.8102 to the dollar, 0.18 percent weaker than Tuesday's rate of 6.7980. In China trading Wednesday, the yuan strengthened slightly to 6.8070 on light volume in China's main foreign exchange market before closing weaker at 6.8124, Dow Jones Newswires said. Policymakers promised at the weekend to let the yuan trade more freely against the dollar but ruled out any dramatic shifts in the currency or a one-off adjustment in its value. The announcement was widely seen as a bid to head off an ugly spat at this weekend's G20 summit, amid mounting accusations from the United States and others that China's currency policy gives its exporters an unfair advantage. On Tuesday, the yuan strengthened to 6.7968 before closing at a weaker 6.8136 due to domestic demand for the dollar. The 6.7968 level was the yuan's strongest since policymakers freed the currency from an 11-year-old peg in July 2005 and moved to a managed floating exchange rate. Traders said Chinese banks had bought the greenback amid speculation the central bank was encouraging dollar purchases to reinforce the perception that a more flexible system meant the currency could move in both directions. "I think what the central bank wants to achieve is to increase flexibility of the yuan movements without giving any indication of a direction," a Shanghai-based trader said. Beijing-based Citigroup economist Ken Peng said the central bank was intervening in the market to create more volatility and deter speculative investors from betting on an appreciation in the yuan. "They want to give the speculators more risk but I'm not too sure how successful that will be," said Peng. Recommend Send IM Story Print Related Articles Fed on sidelines, waiting for recovery to firm Reuters - 2 hours 47 minutes ago Turkish stocks weaken, Istanbul bomb stirs concern Reuters - Thursday, June 24 MTN Zambia cuts international call charges by 40% Reuters - 40 minutes ago Belarus says pays Russia $187 mln gas bill Reuters - 56 minutes ago US-BUSINESS Summary Reuters - 59 minutes ago News Search Top Stories Belarus says Russia gas debt paid, threatens transit cut French bank seeks 4.9 bln euros from Kerviel Russia cuts Belarus supplies again as 'gas war' escalates Global whaling talks collapse British pound climbs after budget, interest rate hint More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Aussie men shoot each other in buttocks 'to see if it hurts' France's richest woman moves to defuse scandal Michael Jackson's death triggers billion dollar bonanza N.Korea picks the wrong game to start live broadcasts Volvo recalls nearly 30,000 cars More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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