US dollar rises on fall in oil prices

By Ding Yining  |   2008-11-17  |     NEWSPAPER EDITION

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THE yuan dipped against the United States dollar last week following the fall in oil prices.

The yuan finished at 6.8289 against the US dollar on Friday, according to the China Foreign Exchange Trade System. The currency ended at 6.8277 at the end of the previous week.

Crude oil prices declined below US$60 a barrel last Wednesday and sent the greenback higher in the middle of last week.

The State Council, China's Cabinet, announced on November 9 a 4-trillion-yuan (US$586 billion) package to stimulate domestic consumption and boost economic growth. It also disclosed a shift to an "active" fiscal policy and a "moderately easy" monetary policy.

The low yield in the Chinese central bank's three-month bill issued last Thursday also fueled expectations there would be further cut in rates, market observers said.


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