MW: China central banker voices support for yuan rise
By Michael Kitchen
LOS ANGELES (MarketWatch) -- The People's Bank of China's chief statistician, Sheng Songcheng, said in a state-media commentary Thursday that a gradual rise in the yuan's value against other currencies would help rather than hurt the nation's economy, according to reports. Sheng reportedly said the recent modest appreciation in the yuan hadn't hurt exporters. While China's foreign-exchange policy isn't determined by the central bank, Sheng's comments were widely reported as a possible sign of official thinking in Beijing. Following the remarks, the dollar hit an all-time intraday low of 6.6061 yuan.
