Chinese currency advanced to 6.7330 that is the maximal level versus the greenback since 1993 the country’s central bank unified official and market exchange rates. It happened under the influence of expectations that the People’s Bank of China will let yuan gain more due to growing inflation pace and pressure from abroad.

China’s CPI increased by 3.5% in August from its 2009 level showing the biggest advance in 22 months. Chinese monetary authorities note that higher exchange rate will help to decrease import prices and ease inflationary pressure.

US House Ways and Means Committee begins today a 2-day meeting devoted to China’s currency policy. Last week Larry Summers, head of President Barack Obama’s National Economic Council, met Chinese officials in Beijing in order to persuade China allow yuan appreciate more quickly.

China had a $119 billion trade surplus with the United States in the first half of 2010, according to the data from US Commerce Department. As a result, this year’s figures may exceed 2009 level of $227 billion.

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