China's yuan closes just shy of post-reval high
(Reuters)
Updated: 2005-08-04 16:59

China's yuan strengthened to within a whisker of its post-revaluation high on Thursday, amid renewed appeals from Japanese and German officials for the currency to appreciate further, the Reuters reported.

Dealers cited a softening dollar for the yuan's closing at an intraday high of 8.1027 per dollar, just shy of an 8.1025 peak after Beijing revalued the currency by 2.1 percent on July 21.

The yuan moved in a range of 23 points, hitting a low of 8.1050, compared with Wednesday's close at 8.1051.

"Dollar-buying was weak for most of the day until the yuan rose up to the 8.1030 level," said a dealer with the Bank of China, the country's top foreign exchange lender.

"The key reason was dollar softness on global markets."

The dollar hit a two-month low against the euro on Thursday before bouncing back, as investors started to shift to the sidelines ahead of a monthly U.S. jobs report.

On Thursday, Japan's vice finance minister for international affairs, Hiroshi Watanabe, said in Sydney that China should take another significant step towards revaluing the yuan, although he added that the central bank had shown more flexibility with the yuan's exchange rate in past days.

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