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Yuan hits record high against US dollar

www.chinanews.cn 2007-06-06 14:19:23

(Source: Xinhua)

BEIJING, June 6 - China's currency, the yuan, gained 29 basis points on
Wednesday against the U.S. dollar to breach the7.64 mark for the first
time, according to the Chinese Foreign Exchange Trading System.
The central parity rate of the yuan, also known as Renminbi (RMB), stood
at 7.6398 yuan to the U.S. dollar, showing a strong fortifying momentum
on the second day after the yuan's value exceeded 7.65 on Tuesday.
The yuan has climbed 1,689 basis points from 7.8087 yuan to one U.S.
dollar posted on the last trading day of 2006.
The accumulative appreciation since July 21, 2005, when China
discontinued yuan's peg to the greenback, has exceeded 7.5 percent.
The People's Bank of China, or the central bank, announced on May 18 that
it would widen the floating band of yuan against the dollar for daily
spot trading on the inter-bank market from 0.3 to0.5 percent from May 21.
The yuan rose against the U.S. dollar by 0.72 percent in May, the record
for a single month since July 2005.
On Wednesday, the yuan lost 72 basis points from the previous trading day
to reach a central parity rate of 10.3237 yuan against the euro. And it
fell 106 basis points to 6.2887 yuan against 100 Japanese yen.

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