set rate of 8.11 yuan to the dollar. The yuan will be allowed to trade within a narrow 0.3 percent band each day. U.S. President George W. Bush had blamed China's growth _ and its increasing appetite for oil _ for recent price rises. But in the past 10 days, both the Paris-based International Energy Agency and the Organization of Petroleum Exporting Countries have slashed forecasts for world oil demand growth, citing weaker-than-expected need from Beijing. Analysts were also following terror attacks in London, which came exactly two weeks after earlier strikes on the British capital's public transport system that killed 52 people and four suspected suicide bombers. The incidents in London could put a dent in consumer confidence and curb the demand for travel to Britain, if not all of Europe, potentially hurting the economy and crimping global fuel consumption, analysts said. "Two incidents within two weeks will be questioned by casual travelers. But it is probably too soon to tell," Shum said. Crude oil prices are around US$5 cheaper than its all-time high of US$62.10 a barrel set in intraday trading July 7.
