Real economy boosts yuan

With the onshore yuan-dollar exchange rate breaking through the 6.6 mark on Monday, the first time since June last year, and the offshore rate also approaching 6.6, the Chinese currency has been steadily appreciating against the greenback - up nearly 5 percent since January.

The rising yuan has reduced the expenditures of Chinese tourists and students abroad but has lowered export enterprises' profit margin.

The fact that US Federal Reserve Chairwoman Janet Yellen stressed the importance of only financial supervision, without mentioning monetary policy, at a Fed meeting last week might have put more downward pressure on the dollar. But the yuan has been appreciating for more than one year also because of the continuous improvement in China's economic fundamentals - for instance, stabilizing macroeconomic growth and increasing profit margin of industrial enterprises.