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China's yuan held steady against the US dollar to close at 8.2773 yesterday as dollar bids and offers balanced out, dealers said.
Turnover rose to a healthy $500 million from Friday's moderate $370 million.
"The yuan should remain near the strong end of its range because it's the end of the year and exporters are repatriating their earnings," said one bank dealer.
The currency has been trading near the firm end of its usual 40-notch band, thanks to strong exports despite a slump in the global economy.
Official statistics showed China's outstanding foreign exchange deposits were US$147.54 billion at the end of October, up $2.23 billion from the end of September.
Dealers said robust foreign exchange reserves would also keep the yuan near the firm end of its trading range, which the central bank enforces rigidly.
Foreign exchange reserves rose from September's $258.6 billion to $265.5 billion by the end of October, Premier Zhu Rongji said in Hong Kong last week.
The central People's Bank of China maintains that the yuan closes between 8.2760 to 8.2800 against the dollar to guard against shocks to the economy. It has said it will gradually give the yuan more room to breathe, but given few specifics.
The yuan softened against the Japanese currency to end at 6.7506 versus 100 yen from Friday's 6.7394. It edged higher against the euro to 8.2327 from Friday's 8.3020.
(Edited by china.org.cn from China Daily November 26, 2002)
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