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CHINA PRESS: The yuan against the U.S. dollar could strengthen to as high as 6.2
in the first half after hitting 6.4 in the near term, Shanghai Securities
Journal reported Friday citing Li Liuyang, chief FX analyst at the financial
market department of China Merchants Bank.
- Yuan closed 6.4244 on Thursday, official data show
- Chinese regulators have become much more tolerant on the yuan's appreciation:
- Benchmark on the yuan should be based on the basket of currencies and not just
movement against the dollar. If the currency basket is stable, then yuan's gain
against the dollar may be deemed reasonable: Li.
***TAKEAWAY: The yuan may further gain against the U.S. dollar, and market
participants expect regulators refraining from interventions.