BEIJING, April 27 -- The yuan will remain stable
against the U.S. dollar as China will take a cautious and stable position
in its foreign exchange investment.
The Chinese currency gained against the US dollar in
the past week and ended at 6.8273 last Friday, according to the China Foreign
Exchange Trade System. The yuan closed at 6.8311 by the end of the previous
China will continue its policy of diversifying its
huge amount of foreign exchange reserves, the currency regulator said last
Hu Xiaolian, head of the State Administration of
Foreign Exchange, told Xinhua news agency that it will stick to major currencies
and high-quality assets in its foreign exchange investments.
China's overseas earnings hit 82.5 billion U.S.
dollars in the past year, an 8-percent rise from a year earlier, according to
data released by the administration last Friday.
Hu also noted the positive outlook of China's economy
has lessened concerns over a depreciation in the yuan.
(Source: Shanghai Daily)