The Chinese Yuan was at its highest rate against the United States dollar on Friday, after the Central Bank pushed its currency even higher due to a reference about its exchange rate. Economic dealers have said that even though the Yuan has currently sustained its upward mobility due in part to concerns regarding domestic inflation, its proven strength against the dollar may soon come to an end.

“The dollar is facing heaving selling pressure from Chinese exporters, although I reckon there was about $580 million in demand for the dollar from importers, possibly from oil companies”, said a North American bank trader based out of Guangzhou.

Officials from the People’s Bank of China (PBOC) spoke at separate occasions on Friday about the internationalization of the Yuan.

Chief of the central bank Zhou Xiaochuan said that China would continue to cautiously move forward in promoting the Yuan as an international currency. He said that its use within the borders of other nations would mainly be used for investment and trade settlement. Until that happens though, they would gradually allow the Yuan take part in financial trading.

According to Zhang Tao, even though the Yuan is flexible and internationalization has been proven as a tool to tame inflation in other nations, more evidence would be needed to show whether or not it would actually work in China.