Exporters get helping hand
From:Shanghai Daily Date:2008.08.05 Today View/Total View: 1/100
China is expected to put the brakes on the appreciating yuan to help exporters as the authorities try to balance growth while fighting inflation, analysts said.
The yuan performed at its weakest last week when it ended at 6.8425 on Friday, down from 6.8189 a week earlier.
The People\'s Bank of China set a weaker reference rate for the yuan for a third day last week. The yuan is allowed to trade by up to 0.5 percent against the United States dollar either side of the rate.
China last week said it will raise the tax rebates for textile and garment firms in a move seen as a softening macro-economy measure to boost exports hit by the rising yuan.
The Chinese currency has gained 6.8 percent versus the US dollar this year, making it the best performer among the 10 most-active Asian currencies excluding the yen.
The State Council approved a plan to set up an exchange rate department under the central bank to help strengthen supervision of capital flows, China Securities Journal reported last Friday, without saying where it got the information.
(Shanghai Daily August 4, 2008)
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