The Chinese yuan rose this week even as some Asian currencies that the central bank uses to manage its exchange rate weakened against the dollar as global shares tumbled. China has loosened controls on the yuan, as U.S. and European officials increased pressure to fix global trade imbalances.
The yuan traded at 7.2392 per dollar as of the 5:30 p.m. close in Shanghai, compared with 7.2365 at yesterday's close, according to data compiled by Bloomberg. It reached 7.2324 on Jan. 16, the strongest since China abandoned the dollar link in July 2005.
European finance ministers will tell their counterparts from the Group of Seven nations next month that China still needs to allow its currency to appreciate faster, according to the draft of a briefing document obtained by Bloomberg yesterday.