Business

Yuan hits record level against the dollar

  • 22 March 2011
  • From the section Business

China's currency has risen to a record high against the dollar, in a sign that Beijing intends to use the currency to fight inflation.

There were official reports that China should let its currency appreciate more quickly to head off inflationary pressures from soaring oil prices.

Oil prices are close to two-year highs and Beijing is concerned that energy-hungry China is importing inflation.

This has led to complaints among the population about rising prices.

On Tuesday, the yuan traded in a range from 6.5552 - a record high - to 6.5596. The currency ended at 6.5561 versus the dollar.

The currency has now risen about 4.1% since June 2010 and 0.2% so far this week.

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