Yuan seen stable against greenback
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The yuan is likely to remain stable against the US dollar this week because a hasty appreciation of the Chinese currency will severely impact the domestic labor-intensive industries.
The yuan ended slight lower against the greenback last week at 6.8264 last Friday, according to the China Foreign Exchange Trade System.
If the yuan climbs by a wide margin it will hit the domestic industries, especially in light industry, textiles and electronics, according to Zhu Hongren, a senior official at the Ministry of Industry and Information Technology.
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