ING: Yuan will rise

For a number of officials have recently become re-hear the application on the need for greater exchange rate flexibility in some developing countries, leading market participants to remember about China, the national currency during the crisis which has demonstrated an enviable stability. Within a few months before the period of turmoil in the global economy leadership Celestial prevented the gradual strengthening of the positions of the yuan, which, however, judging by the rhetoric of a number of developed countries, it was not as active as they would like. Since July last year as the yuan in fact has generally ceased its growth, given the Government's commitment to support the seriously affected the export-oriented sector of the economy. At ING believe that now that the situation has improved, the Chinese currency may once again begin to strengthen. In the Bank believed that the Chinese government is interested to step up action to the RMB has become convertible. The bank believes that it can become a component of the updated SDR, which will be able to move the dollar from its pedestal of the world's reserve currency, but for this it must be convertible. At ING expects the dollar / yuan, which currently holds around 6.8260, a term of three months will move into the range of 6.82/6.81, and next year will keep about 6.6215 (previous forecast of the Bank stood at 6.75).