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CHINA / National |
Chinese yuan breaks 7.48 mark against USD(Xinhua)
Updated: 2007-10-29 11:10 BEIJING - China's Renminbi (RMB) broke the 7.48 mark to reach a new central parity rate of 7.4718 yuan to one US dollar on Monday, according to the Chinese Foreign Exchange Trading System. The yuan climbed 92 basis points to one dollar, rising a total 3,369 basis points from 7.8087 yuan on the last trading day of 2006. This was the 65th new high the RMB 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 Monday, the yuan lost 469 basis points from the previous trading day to reach a central parity rate of 10.7162 yuan against one euro. Meanwhile, it climbed 81 points from 6.5514 last Friday to 6.5433 yuan against 100 Japanese yen. The yuan broke the 7.6 mark against the US dollar on July 3 and smashed the 7.5 mark on October 24, then the 7.49 mark on October 25. |
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