Dec 27, 2011
Translated By Zhu Na

The yuan's spot rate against the dollar reached a 17-year high of 6.3175 on Monday, reflecting the People's Bank of China's recent raising of the central parity rate around which it allows the currency to trade. 

The Chinese currency has also received a boost from the central bank's confirmation of Japan’s plan to buy Chinese government bonds.

Analysts predict that the yuan will ease next year, but still expect 2 to 3 percent appreciation throughout 2012, Guangzhou Daily reported.
 

This translated brief was edited by Darwin Wally T. Wee

Links and Sources
Guangzhou Daily: 人民币即期汇率创17年新高
Image:  Xinhua Net