China to allow faster currency appreciation: analysts

[FarCenter]

The People’s Bank of China, the central bank, set the official medium trading price at 6.4167 yuan against one U.S. dollar Wednesday, marking a new record high of the Chinese currency trading the greenback since Beijing embarked on the yuan’s revaluation reform in July 2005.

Wednesday’s value surge marks a steep rise of 168 basic points from Tuesday’s 6.4335 yuan trading one U.S. dollar. So far this year, China’s currency has appreciated by about 3 percent.

Most Chinese experts predict that Beijing would allow an appreciation of the yuan against the greenback at a magnitude higher than the 5 percent last year.

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