Chinese currency hits new high against US dollar
Home >> Chinese currency hits new high against
US dollar May 8, 2007
China's currency, the yuan, broke the 7.70 barrier for the first
time on Tuesday, the first trading day after the week-long May Day
holidays, according to the Chinese Foreign Exchange Trading System.
The central parity rate of the yuan, also known as Renminbi (RMB),
stood at 7.6951 yuan to one U.S. dollar on Tuesday, gaining 104
basis points from the last trading day's reference rate of 7.7055
to the hard currency.
This is the 27th time since the beginning of the year that the
yuan has set a new record, climbing 1,136 basis points, from 7.8087
yuan to one U.S. dollar posted on the last business day of 2006.
On Tuesday, the yuan gained ground against the Japanese yen.
It reached 6.4080 yuan to 100 yen, up 361 basis points, from the
last trading day's level.
The local currency also gained 369 basis points from 10.4999
yuan to one euro on the first trading day after the "golden
week holidays".
Source:China Daily
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