--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Chinese Women
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

RMB Exchange Rate Hits New High Since Its Reform

The exchange rate of the renminbi (RMB), China's currency, to US dollars closed at 8.0912 on Wednesday's interbank foreign exchange market, the highest since China raised the value of the RMB from around 8.28 to 8.11 per dollar on July 21, scrapping its peg to the dollar.

China Business News made the report on Thursday. The latest highest price of the yuan appeared on September 6, when its closing price relative to the US dollar hit 8.0913, the newspaper said.

Since July this year, China's exports have continued their fast growth, with trade surplus standing at a high position, so the sale of US dollars is active in the market, leading to the robust yuan, the newspaper said.

In August, China's exports soared 32.1 percent year on year, with trade surplus totaling 10.04 billion US dollars, according to China's Ministry of Commerce.

The imbalance of Sino-US trade has pushed the yuan to further appreciate against US dollars, the newspaper quoted a broker in a foreign-funded bank in Shanghai as saying.

It is not surprising for the yuan to keep hitting new highs since the public believes there is still room for the yuan to rise, the broker said.

(Xinhua News Agency September 16, 2005)

Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688