17 November 2005, 09:48  The yen rose against the dollar on Thursday

The yen rose against the dollar on Thursday as speculation of a revaluation of China's yuan swirled, with traders citing a report from consultancy Medley Global Advisors saying China was holding a top-level, emergency meeting on foreign exchange. The yen climbed to around 118.75 per dollar from just above 119 yen as talk of the report circulated in the currency market. According to the report, the meeting was called by Premier Wen Jiabao and would be attended by the central bank governor and other senior financial officials, traders said. Speculation has grown that China could take another symbolic step to let the yuan rise further in value before U.S. President George W. Bush's visit to Beijing later this week. On July 21, China ended the yuan's peg to the dollar and revalued the currency by 2.1 percent, but since then it has appreciated by just 0.3 percent. The yuan traded at 8.0840 per dollar in Shanghai on Thursday

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