China: Chinese yuan continues to appreciate
November 16, 2011
On 15 November, the Chinese yuan (RMB or CNY) traded at CNY 6.34 per USD, which represented a 0.8% appreciation in nominal terms compared with the previous month. The yuan has appreciated an accumulated 4.0% versus the USD this year and, at the current level, is trading 4.6% stronger than the same day last year. Analysts consider that CNY will continue to appreciate mainly due to a sizable trade surplus. That said, the robust import growth reading in October, a levelling off of reserves, as well as global headwinds may ease pressure for a faster appreciation.