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Yuan continues record run against dollar
Date: 10/18/2012 8:44:35 AM Sender: Chinadaily
China＇s central bank fixed the onshore yuan rate 0.12 percent up at 6.3028 against the US dollar on Wednesday, a four-month high.

The move help push the onshore yuan spot to a 19-year high of 6.2532 and offshore yuan spot to an all-time record of 6.2540.

The currency appreciated in the forward market both onshore and offshore.

It＇s not the first time the yuan has hit records in recent months, as the US＇ new round of quantitative easing cheapened the greenback.

The yuan touched a high of 6.2578 in mid-day trading on Oct 12 after breaking through 6.30 for the first time in decades in Sept 20.

The Chinese currency has fluctuated more widely and frequently after the country widened the yuan＇s fluctuation band against with US dollar earlier this year.

The People＇s Bank of China announced in April that the yuan＇s daily fluctuation band will be
widened from 0.5 percent to 1 percent, underlining the country＇s determination to make its currency more market-oriented.

In a briefing in Beijing on Wednesday, Foreign Ministry spokesman Hong Lei denied charges that China manipulates its currency.

People＇s Bank of China Deputy Governor Yi Gang said earlier that the yuan＇s exchanged rate is close to market equilibrium.

The appreciation also came as Chinese exports grew more than expected in September, achieving a trade surplus of $27.67 billion.

A currency tends to appreciate amid trade surplus in a free foreign exchange market.

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