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SHANGHAI, China (AP) - The Chinese yuan on Friday climbed to its highest level against the U.S. dollar since Beijing revalued its currency in July — but has still only gained about 0.32 percent since then.
The yuan closed at 8.0840 to the dollar, its strongest level since China revalued it by 2.1 percent on July 21 to 8.11 and began linking its value to a basket of currencies instead of just the dollar. The yuan closed at 8.0862 on Thursday, also a record high.
Speculation has been building that China might take another major step in relaxing controls on its tightly restricted currency before a visit by President Bush to China next month.
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