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China's yuan rises 10 basis points against US dollar

(Xinhua)
Updated: 2009-06-22 14:28

China's yuan rose 10 basis points against the US dollar on Monday.

Related readings:  Nation to maintain stable yuan  China to continue currency reform  Yuan set to play bigger global role  Yuan may be reserve currency by 2020 - official

The central parity rate of the yuan was 6.8328 per dollar Monday, and 6.8338 yuan per dollar the previous trading day.

The currency is allowed to float on the interbank market within a 0.5-percent band, which is set daily by the People's Bank of China.

Asian currencies mostly fell against the dollar last week as the dollar strengthened on positive US economic news. But the Japanese yen made big gains as dealers moved to the currency when stock markets were poor.

Europe's central bank chief Jean-Claude Trichet on Sunday cautioned against any new government stimulus plans and said the global economy would pick up in 2010.

Analysts said investors were optimistic of a quick recovery in the global economy, which helped strengthen the euro.

On the market Monday, the yuan's central parity rate was 950.17 per 100 euros, losing 55 basis points compared with the previous trading day. It was also trading at 7.0681 per 100 yen.