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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (36538)	7/22/2005 2:43:38 PM
From: RealMuLan	Read Replies (1) of 110194

>>I wonder how the 0.3 "daily change" works? << "SHANGHAI (Reuters) - China's yuan closed a shade weaker on Friday after its unexpected revaluation, suggesting to markets that Chinese authorities would be careful about allowing it to strengthen under a new managed float system. The yuan finished at 8.1111 per dollar, a sliver below its opening and intraday high of 8.1100. The range is slight by the standards of other currencies, but is much wider than previous daily ranges for the yuan before Thursday's revaluation. Under the new system, the yuan can move as much as 0.3 percent from an official mid-point, as determined by the prior close. Markets had wondered whether the yuan would be allowed to rise the full 0.3 percent on Friday, but in the end it slipped. Dealers had watched cautiously for hints of central bank intervention but said the authority's intentions were clear enough. "The last deal was done at an intraday low, which we believe to be a sign that the central bank won't like the yuan to grow firmer so soon after Thursday's appreciation," said a Shanghai-based dealer with a major foreign bank. The closing level indicates Monday's potential trading range will be between 8.0868 and 8.1354. Dealers said they expected the central bank to keep the currency around 8.1100 for weeks, or even months, after the yuan was mainly traded at 8.1101 and 8.1102 on Friday." za.today.reuters.com

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