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Chinese yuan hits record high against US dollar
Beijing helping out Obama, whom they surely prefer to Romney?
China's currency hit a record high against the US dollar on Friday, in what analysts said could be a response to US political pressure over claims the yuan is vastly undervalued.

The upcoming US presidential election and expectations the US government will soon release its semiannual report on exchange rate policies could have prompted Beijing to guide the yuan higher, analysts said.

The yuan touched an intraday high of nearly 6.2640 to $1.0, according to the China Foreign Exchange Trade System, marking the highest level since 1994 when the country launched its modern foreign exchange market.

"We don't rule out the possibility of China taking pre-emptive action ahead of the US election," Liu Dongliang, an analyst at China Merchants Bank, told AFP.

"But it's more like this move was meant to respond to the upcoming exchange rate report," he said, referring to the US Treasury Department's report on exchange rate policies that will address China, among others.


Posted by: lotp 2012-10-13
http://www.rantburg.com/poparticle.php?ID=353782