The Chinese yuan rose against the euro today on the speculation that the nation’s expanding economy will encourage the policy makers to allow the appreciation of the China’s currency.
The economic expansion was helped mainly by the stimulus programs and even the 29 percent jump of the exports in the first quarter doesn’t seems to make the policy makers to be very willing to end the crisis measures. The Chinese economy widened 11.9 percent in the first quarter, faster than the 10.7 percent expansion in the previous three months and the fastest growth in almost three years.
The experts think that the speculation about the probable yuan’s appreciation may signal that some sort of agreement was accomplished between China and the U.S. They say that the more flexible currency may help in controlling the level of inflation.
EUR/CNY traded at 9.2648 today as of 21:00 GMT down from the opening rate of 9.3188. USD/CNY traded near 6.8270 little change from its opening rate of 6.8268.
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