The trade band of the yuan should be larger while the capital-account convertibility should advance more quickly, states a front-page opinion printed on the China Securities Journal. The increase is poised to climb to 6.1 per dollar by the end of this year, according to predictions issued by two economists with Capital Economics.
"Today's fluctuations are minor and normal," a Shanghai-based trader with a foreign bank told The Wall Street Journal on Friday. "The pair which has fluctuated only within 50 basis points recently, should stay stable for at least a few more weeks as we expect stable fixings from the central bank."
The renminbi's advance of 0.06 percent against the dollar as the trade week closed brought its weekly loss to 0.01 percent against the greenback.
Thus far this year, the yuan has climbed about 1.5 percent against the world's reserve currency, according to The Wall Street Journal.
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