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Yuan record high to dollar { April 2006 } Original Source Link: (May no longer be active)    http://www.forbes.com/markets/feeds/afx/2006/05/10/afx2734405.html http://www.forbes.com/markets/feeds/afx/2006/05/10/afx2734405.html AFX News Limited China yuan hits post-reval closing high of 8.0033 to US dollar in ETM - UPDATE 05.10.2006, 06:06 AM (Updates with Treasury report background) BEIJINGI (AFX) - The Chinese yuan recorded its highest post-revaluation close of 8.0033 to the US dollar on the exchange-traded market, hours ahead of the release of a US Treasury report which could cite China for currency manipulation. Traders said the yuan strengthened to the new high after closing yesterday at 8.0050 on the exchange-traded market and 8.0044 on the over-the-counter (OTC) market. Last July, Beijing scrapped the yuan's 11-year-old peg to the dollar in favor of a link to a basket of currencies, allowing it to rise 2.1 pct against the US unit to 8.1100. The modest, one-step move was aimed at reining in hot money inflows betting on a substantial yuan appreciation, reducing the cost of mopping up excess liquidity, and publicly addressing the country's rising and politically sensitive trade surplus. Since then, the yuan has appreciated only slowly, not yet testing the limits of its daily trading range of 0.3 pct on either side of its yuan-US dollar central parity rate. The central parity rate is a weighted average price based on offers made each morning by the 11 market makers in the over-the-counter (OTC) market. Today's midpoint was set at 8.0048 before the start of trading. The latest post-revaluation high reflects a recent small but marked acceleration in the yuan's pace of appreciation, as the US Treasury prepares to release its semi-annual review of global currency policies early tomorrow morning Beijing time. Over the last year, pressure has mounted on the Bush Administration to take a tougher line with China to force a faster rise in the yuan's value. Opponents of China's gradualist approach to currency reform have claimed Beijing is deliberately undervaluing the yuan to undercut US manufacturers and give Chinese exporters an unfair trade advantage. Last year, the US estimated its trade deficit with China at 202 bln usd. The US Treasury report could trigger a formal consultation process with Beijing if it labels China a currency manipulator. If it does so, it will be the first time in over the decade that it has levelled such an accusation at a specific country. sr/tr

Amex issues cards in china { March 30 2004 } Asain stocks rebound after fed massive ratecut { December 2008 } Cheney pressures china currency on market value { April 14 2004 } China currency overload { July 2006 } China currency peg doesnt violate wto China delays plunge in US treasuries China diversifies forex holdings amid dollar fears China favors shift to currency basket China not manipulating currency says bush { May 10 2006 } China premier wont yield on yuan exchange rate { May 16 2005 } China severs its currency link to dollar { July 21 2005 } China signals switch in reserves away from dollar { January 6 2006 } China to pass japan as american primary lender China to relax yuan dollar peg Euro to allow china to dump the dollar { August 2007 } European bank joins attack on china dollar pegged currency Foreign currency piles up in china { January 17 2006 } Growing chinese influence in economic forum Imf seeks balance in china currency policy debate Korea central bank chief urges china to revalue { February 21 2005 } Senate threatens tariff unless china revalues currency Senators threaten china with tariffs about currency Treasuries fall fears china pulls currency Treasury says china not manipulating currency { October 30 2003 } Treasury told china stop pegging currency to dollar US pressures china currency change { April 22 2005 } Us says china not manipulating currency { October 30 2003 } US threatens china over yuan peg to dollar { May 17 2005 } US threatens trade protection or china revalues currency { April 7 2005 } US urges china currency to rise against dollar { March 23 2006 } Yen climbs on report china ready to loosen exchange rate Yen soars against dollar after china announcement { March 7 2002 } Yuan gains 20perc since end of peg { May 2008 } Yuan record high to dollar { April 2006 } Files Listed: 34

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