The yuan is likely to continue its appreciation against the United States dollar this week, experts said.
The Chinese currency edged up to finish at 6.8451 against the US dollar last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8482 by the end of the previous week.
Fan Gang, a central bank monetary policy committee member, noted the modest depreciation of the yuan in the previous week was normal amid short-term volatility, according to a report by Shanghai Securities News.
Meanwhile, the US last Friday said retail sales in the nation fell 1.8 percent last month for a fifth consecutive month amid weak consumer sentiment and tight credit in a deepening recession.
(Shanghai Daily December 15, 2008)
