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Setting the yuan free

06/28/2010
By Sam Fletcher
The front-month crude futures contract continued climbing above $78/bbl, and natural gas rose in early trading June 21 after China said it will end the yuan's 2-year peg to the US dollar and increase the flexibility of its exchange rate.China artificially depressed its currency to give its exporters a financial advantage over US competitors. Now with an improved economy, the People's Bank of China wants its currency to trade more freely. A stronger yuan would make dollar-based commodities cheaper, potentially increasing Chinese demand, said analysts in the Houston office of Raymond James & Associates Inc. "Despite the largely political-based motives behind the decision, markets a...
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