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On the foreign exchange market, China's yuan closed one notch firmer against the dollar at 8.2771 yesterday, buoyed by strong first quarter economic data, dealers said.
The yuan was sandwiched between 8.2770 to 8.2772, near the strong end of a wafer-thin trading range of 8.2760 to 8.2800 that the central bank enforces for reasons of economic stability.
Turnover fell to US$440 million from Wednesday's US$450 million.
"The yuan kept firm within its range as first quarter data was very strong," said a dealer at a European bank.
China said yesterday its economy grew 9.9 percent year-on-year in the first quarter, the fastest in six years.
Exports soared nearly 34 percent to more than US$86 billion, although high oil prices and heavier imports of raw material, machinery and cars led to a slight trade deficit of about US$1 billion.
But dealers said there was a glut of hard currency on the Shanghai-based foreign exchange market, the result of strong trade surpluses over the past few years.
This was likely to keep the yuan, which is not freely convertible on the capital account, at high levels, they added.
The yuan weakened yesterday against the Japanese currency to 6.9425 per 100 yen from 6.8802 on Wednesday and eased to 9.0572 to the euro from 8.9373. It ended unchanged at 1.0609 against the Hong Kong dollar.
On the futures market, Shanghai copper futures clawed higher after narrow trade yesterday as investors waited for clearer leads to emerge from the London Metal Exchange, traders said.
The most active September 2003 contract ended 30 yuan (US$3.6) higher at 16,830 yuan (US$2,033) a ton, with other contracts unchanged at 50 yuan (US$6) higher.
(China Daily April 18, 2003)
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