Expert says dollar's rise temporary

THE yuan dipped against the United States dollar last week but a renowned Chinese economist still believed that the rise of the greenback is just temporary.

The Chinese currency finished at 6.8317 against the US dollar on Friday, according to the China Foreign Exchange Trade System. The currency ended at 6.8289 at the end of the previous week.

The US Dollar Index touched a high of 88.364 points against a basket of major global currencies on Friday, its highest since April last year.

Renowned economist Cheng Siwei last week noted the uptick in the US dollar is just temporary, and the greenback's downward trend will not change in the long run. New claims for unemployment benefits in the US jumped last week to 542,000 and hit a 16-year high, suggesting a recession that is hitting the US may last longer than expected.