Yuan in biggest single-day rise in a month, mild appreciation seen
After appreciating sharply in the last few days of 2011, the yuan fell back in early January and has traded mainly in a narrow range of 6.31 - 6.32 per dollar, as the central bank has kept the exchange rate basically stable due to uncertainty about a slowing economy and weakening foreign demand.
"The government has signalled a general trend of stability for the yuan since the start of this year," said a dealer at an Asian bank in Shanghai.
"But this attitude will not affect the yuan's periodical appreciation as China's goodwill gesture to the United States."More than a few exporters probably wish Chinese leaders would put off their visits to the U.S.