China hikes Yuan value but still it is far short from what it should be
Fred Day
Jun. 11, 2007

China hiked the yuan the most in a month, and plans to raise the rates as U.S. Treasury Department prepares to release a report that may increase pressure for faster appreciation.

The yuan rose 0.2 percent to 7.6477 against the dollar in Shanghai at 9:50 a.m., the largest advance since May 11. The yuan, a unit of China's currency, the renminbi, climbed for the first time in four days.

The yuan should rise 6.00 before any significant effect in trade deficit is expected. China is determined to keep yuan below 7.2 till end of 2008 when US presidential election will take place.

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