Yuan pulls back after US delays currency report | business | Hindustan Times
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Yuan pulls back after US delays currency report

Spot yuan on Monday pulled back from its highest versus the dollar since its landmark revaluation in July 2005 after the US Treasury Department delayed a report on trade partners' currency practices.

business Updated: Oct 18, 2010 22:22 IST

Spot yuan on Monday pulled back from its highest versus the dollar since its landmark revaluation in July 2005 after the US Treasury Department delayed a report on trade partners' currency practices.

The People's Bank of China fixed a weaker mid-point after the Obama administration put off a statement on whether it believes China manipulates its currency to create an unfair trade advantage.

State media said China's Vice Premier Wang Qishan phoned US Treasury Secretary Timothy Geithner after the delay, indicating the US may be happy with the yuan's 2-plus per cent jump since early September.