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The yuan ended fractionally lower against the dollar on Friday, following the central bank's unwavering guidance toward stability against the US currency although this month's global financial summit in Washington may offer fresh impetus.
"People in the markets are waiting for clear new clues about the next phase for the yuan/dollar trend, but there are no signs yet indicating the yuan might show either sharp appreciation or a sharp slowdown," said a dealer at a Japanese bank in Shanghai.
The yuan ended at 6.8255 per dollar, marginally below Thursday's close of 6.8250, after the Chinese central bank nudged the daily mid-point against the dollar down to 6.8277 from Thursday's 6.8252. The yuan held to a very tight trading range, reflecting the government's determination to maintain a steady exchange rate as global economic uncertainty intensifies.
The Japanese bank dealer noted, however, that political factors may be brewing that could influence the market. She said Beijing may soon be confronted with a dilemma, as US President-elect Barack Obama has repeatedly called for a stronger yuan but Beijing remains keen on a slower pace of yuan gains to protect its export sector, which is vital to China's growth. Some dealers expect that the global financial summit may yield new clues to influence the yuan's trend.

Copyright Reuters, 2008

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