Yuan hits high to dollar for 4th day

The yuan yesterday hit a record high against the US dollar for the fourth day as the greenback weakened on speculation of further monetary easing measures.

The yuan closed at 6.1723 per US dollar in Shanghai yesterday, touching the ceiling the currency is allowed to be traded daily. The yuan has been rising for the past four days, setting new records since the government unified official and market exchange rates at the end of 1993.

The People's Bank of China strengthened the central parity rate by 0.11 percent to 6.2342 per dollar, breaching the 6.24 level for the first time and also setting a record in 19 years. The yuan is allowed to trade 1 percent on each side of the fixing.

The yuan rose following a rebound of the world's major currencies after the dollar index fell to a one-month low of under 82 points on Tuesday.

Monetary officials, including Federal Reserve Bank of New York President William C. Dudley, have favored easy monetary policies to support economic growth, raising the risk appetite of the market.

''The US is keeping an easy monetary policy and the economy in Europe and the US is experiencing a weak recovery,'' said Zeng Gang, a senior researcher at China Academy of Social Sciences. ''China has its own economic problems but the outlook is better compared with the west.''

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