The yuan ended little changed against the dollar on Thursday, holding steady before what is expected to be an upbeat report on Chinese 2009 economic growth next Thursday. The National Bureau of Statistics said China will announce on January 21 its gross domestic product (GDP) growth data for 2009, with economists in an October survey forecasting growth of 8.3 percent, according to a Reuters poll.
Dealers are closely looking at the GDP figures for signs of a strengthening economy, which could pressure the Chinese central bank to relax the tight grip it has kept on the yuan since mid-2008. But dealers also said they expected the People's Bank of China (PBOC) not to change its stable yuan policy if the GDP data was in line with market expectations.
The PBOC set the yuan's daily mid-point against the dollar at 6.8272 on Thursday from Wednesday's 6.8273, showing a consistent intention to keep the yuan stable for now. Spot yuan closed at 6.8273 against the dollar, little changed from the previous close of 6.8268 and in line with the central bank's mid-point.
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