China's yuan advances to 6.4495 against dollar
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Xinhua, July 22, 2011
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The Chinese currency Renminbi, or the yuan, gained 41 basis points to 6.4495 per U.S. dollar on Friday, the highest since China started the exchange rate reform six years ago, according to the China Foreign Exchange Trading system.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.P The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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