BIZCHINA / Top Biz News |
RMB value against US dollars hits new high(Xinhua)Updated: 2006-11-25 08:34 The value of the Renminbi (RMB) yuan against the U.S. dollar kept rising on Friday and hit a new high with the central parity rate at 7.8526 yuan to one dollar, according to the Chinese Foreign Exchange Trade System. The central parity rate hit 7.8596 on Thursday, breaking the 7.86 mark. This signifies RMB value has risen by 3.27 percent after China's reform of the exchange rate system on July 21, 2005. The exchange rate was about 8.28 yuan per U.S. dollar for quite a long time before the reform. The government launched the reform in July last year to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate. China's foreign exchange reserves were on the track to hit 1 trillion U.S.
dollars after climbing to 987.9 billion U.S. dollars by the end of September,
with a monthly average increase of 18.7 billion U.S. dollars for the first nine
months. (For more biz stories, please visit Industry Updates) |
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