RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
Yuan Trots to New High against US Dollar
Adjust font size:

China's currency, the yuan or RMB, hit a new high on Monday against the US dollar as the central parity rate of the yuan reached 7.5252 yuan to one US dollar.

It gained 159 basis points from Friday's reference rate of 7.5411 to the greenback, according to the Chinese Foreign Exchange Trading System.

It's the 58th time since the beginning of this year that RMB reached a new high against the US dollar. The previous record came last Thursday, when the currency stood at 7.5410 to the dollar.

It is a rare speedup since China discontinued yuan's peg to the US dollar on July 21, 2005.

Analysts said Monday's acceleration of yuan's revaluation was in line with the weak performance of the US dollar, which fell 1 percent and 2.1 percent against the euro and the Japanese yen, respectively, during the last week.

The People's Bank of China, or the central bank, on May 21 further widened the floating band of yuan against US dollar for daily spot trading on the inter-bank market from 0.3 percent to 0.5 percent.

The Chinese currency has climbed 2,835 basis points from 7.8087 yuan to one US dollar posted on the last trading day of 2006.

The accumulative appreciation since yuan's revaluation in 2005 has exceeded 7.5 percent.

On Monday, the yuan gained 111 basis points against the Hong Kong dollar, but was weaker against the euro, the British pound and the Japanese yen compared with the previous trading day.

(Xinhua News Agency September 10 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Yuan to Rise on Price-curbing Bid
- Yuan Hits New High Against US Dollar
- China Begins Yuan Swaps Trading
- Central Bank: No Plan to Sell off Greenback
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号