Yuan rebounds again

The central bank yesterday set the mid-point of the yuan's exchange rate at 6.9028 against the dollar, a bit weaker than the post-revaluation high of 6.9015 on Thursday and 6.9018 on Friday.

The yuan has now appreciated 17.49 percent since it was revalued by 2.1 percent to 8.11 against one dollar on July 21, 2005, when China de-pegged its currency from the dollar and allowed it to float within managed bands.

Meanwhile, the yuan continued to rebound against the dollar in the offshore forwards market yesterday, reflecting strong anticipation for further appreciation.