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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese yuan falls sharply ahead of US talks AFP - Wednesday, December 3 SHANGHAI (AFP) - - A sudden drop in the value of the Chinese currency may signal a policy shift to prop up exports during the financial crisis, experts said Tuesday. The yuan fell by its maximum daily trading limit for a second consecutive day Tuesday. The fall in its value comes just before the United States and China hold high level economic talks in Beijing at the end of the week. The yuan's value has been a sensitive issue in the past between China and the United States, which has accused Beijing of deliberately keeping its currency low to protect the competitiveness of Chinese export prices. "It is the best timing for the yuan to start depreciating," Lu Zhengwei, a Shanghai-based economist with Industrial Bank, told AFP. "The slowdown in China's economy is clearly intensifying, the export sector is suffering the coldest winter in the past five years." The dollar-yuan central parity rate continued to rise Tuesday to 6.8527 yuan to one dollar after Monday's rise to 6.8505 from 6.8349 on Friday. "I think it could be interpreted as a shift in policy stance and this trend should carry on into mid-2009," Lu said. Some experts said Beijing could be trying to gauge the market's reaction before deciding on a weaker yuan policy. "It's too early to say whether the central bank will shift its policy," Ma Qing, a Beijing-based analyst with the CEB Monitor Group said. "But internally China does urgently need to devalue the yuan because of the poor manufacturing figures and ailing export sectors," he said. Chinese experts have said any US move to raise the currency issue at the meeting could be repulsed by Beijing. They said China wanted the talks to focus on containing financial turmoil that first erupted in the United States, and on re-igniting global economic growth. On the over-the-counter market, the dollar ended around 6.8870 Tuesday. On Monday it ended at 6.8849 down from 6.8349 -- the yuan's largest single day change since its peg to the dollar ended in July 2005. The yuan remains a controlled currency that the People's Bank of China allows to trade within a narrow 0.5 percent daily band. Monday was only the second day since 2005 that the yuan has touched the band limit. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Treasurys extend gains amid investor worriesAP - 1 hour 31 minutes ago Canada November auto sales skid as recession loomsReuters - 1 hour 39 minutes ago World milk powder prices fall further-NZ's FonterraReuters - 2 hours 5 minutes ago Paulson urges Chinese to continue currency reformsAP - 2 hours 9 minutes ago Related Articles: Business S.Korea says FX reserves not seen falling muchReuters - 43 minutes ago Venezuela expands heavy oil bid, 19 companies join =2Reuters - 48 minutes ago Qantas shares up 9.3 pct on merger talks with BAReuters - 1 hour 13 minutes ago Latin America stocks rally on US reboundAP - 1 hour 19 minutes ago Treasurys extend gains amid investor worriesAP - 1 hour 31 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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