Wang Xiaotan, China Daily, October 26, 2012
The exchange rate of the yuan hit a 19-year high as it traded at 6.2417 yuan per dollar. Analysts claim that the International Monetary Fund and World Bank’s annual meetings and the American presidential debates contributed to the rise in the value of the yuan. According to a survey conducted by HSBC 77 percent of Chinese companies expect one-third of all Chinese trade to be conducted in the yuan by 2015, and 30 percent plan to use the yuan in investment related activities in the next 12 months. An economist at the Bank of China said, “it’s uncertain whether their appreciation will continue.” (Kes Rittenberg)