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 / News Tools: Save | Print | E-mail | Most Read | Comment
Yuan climbs to new high fourth time in six trading days
Adjust font size:

China's Renminbi (RMB) reached a new high to break the 7.47 mark on Wednesday, with the central parity rate at 7.4692 yuan to one US dollar, according to the Chinese Foreign Exchange Trading System.

 

It was the fourth time that the yuan has hit new high against the dollar within six consecutive trading days.

 

The yuan climbed 28 basis points from previous trading at 7.472 yuan to one dollar, rising a total 3,395 basis points from 7.8087 yuan on the last trading day of 2006.

 

This was the 66th new high the yuan has hit since the beginning of this year, up more than four percent accumulatively.

 

The accumulative appreciation since July 21, 2005, when China discontinued yuan's peg to the greenback, has exceeded 8.3 percent.

 

At a conference of the People's Bank of China held earlier last week, the central bank said it would strengthen efforts in financial control and improve the valuation mechanism of the RMB exchange rate.

 

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

 

On Wednesday, the yuan lost 311 basis points from the previous trading to reach a central parity rate of 10.7829 yuan against one euro.

 

Meanwhile, it reported considerable gains against the Japanese yen and the British Pound to stand at 6.5094 yuan against 100 Japanese yen and 15.4534 yuan against one British Pound.

 

The yuan broke the 7.6 mark against the US dollar on July 3 and smashed the 7.5 mark on Oct. 24, then the 7.49 mark on Oct. 25.

 

(Xinhua News Agency October 31, 2007)

 

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

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Yuan breaks 7.48 mark against USD
- Shares forge ahead following yuan records new high
- Chinese yuan breaks 7.5 mark against USD
- Yuan set to move in narrow range
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