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Yuan Forwards May Keep Rising

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currency_2 June 28, 2010 (Chinavestor) Yuan forwards look poised to keep rising after President Obama said the U.S. expects the Chinese currency to continue to appreciate against the U.S. Dollar. Following the G-20 meeting this weekend, Obama said ''that as more and more market forces come to bear, that given the enormous surpluses that China has accumulated, the renminbi is going to go up and it’s going to go up significantly.''

The Yuan rose the most against the Dollar last week since December 2008, gaining 0.5 percent to 6.7900 per Dollar. Twelve-month non-deliverable forwards rose 0.1 percent to 6.6720 per dollar as of 12:24 p.m. in Hong Kong, according to data compiled by Bloomberg.

The People's Bank of China ended a two-year old Yuan/Dollar peg on June 19. The central bank fixed the yuan’s reference rate at 6.7890 today, compared with 6.7896 on June 25, Bloomberg reported.

Analysts expect the Yuan to rise as much as 3% against the greenback over the next year.



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