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China to Revaluate? Not a chance
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China's yuan depreciated against the USD upon announcement of a rate hike in interest rates. As a result, the USDCNY fell to trade at 7.5945 in the overnight session while declining to 10.24 against he Euro. Nonetheless, investors continued to pickup stocks in favored benchmark companies, supporting the index higher to another record. China's key index was able to add 87.28 points to close 1.8 percent higher for the day at 4,972.71. One would expect the yuan to appreciate amidst the increase in lending rate, that wasn' the case in the short run but expect it to pick up steam shortly.
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Barry
Mr. Do It All
Aug 21, 2007, 5:53 PM
Post #1 of 1
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