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Strategies & Market Trends : HONG KONG
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To: Tom who wrote (1191)1/23/1998 3:45:00 PM
From: Tom   of 2951
 
Chinese Yuan sets another record.

SHANGHAI, Jan 23 ( AFP ) - The Chinese yuan soared to a new 30-month high of 8.2780 to the dollar Friday as the central bank stayed away from the China Foreign Exchange Trading System here, dealers said.

"The yuan has been setting new highs this week because banks and export and import companies were selling dollars while the central bank did not intervene," a dealer said.

"It seems that the central bank is willing to see the yuan rise," the dealer said. According to an analyst at Yashang Consultancy, the rate was the highest since the forex centre was opened in April 1994. The central bank has a policy requiring local enterprises to sell all their dollars but some companies have been allowed to keep 15 percent of the dollars they hold at any one time. Meanwhile on the black market, the dollar's rate eased this week after last week's surge drew a flood of sellers from other provinces, money changers said.
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