Flat trend against dollar in short term
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The yuan is likely to stay flat against the US dollar in the short term as China will keep the existing stable monetary policy, and a minister said a rise in the yuan's rate will not improve the trade balance.
The yuan rose against the dollar last week to end at 6.8260 last Friday, according to the China Foreign Exchange Trade System.
"We will apply various policy tools to keep banking liquidity reasonably ample and steer an appropriate rise in overall money supply and credit," the central bank said last Thursday.
Commerce Minister Chen Deming said it "has been proved in theory and practice the appreciation of a currency provides little help for improving balance of payments."
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