China cenbank sets mid-point yuan rate at 8.0698
(Reuters)
Updated: 2006-01-13 15:09

The daily mid-point of the yuan exchange rate against the dollar was set at 8.0698 on Friday, weaker than Thursday's 8.0685, according to China's central bank.

The rate is part of a new system launched last week aimed at gradually freeing up currency trading. The system also introduced open over-the-counter trading that will eventually replace the current system of anonymous and automatic order matching.

China revalued the yuan by 2.1 percent to 8.11 a dollar in July. The currency may rise or fall 0.3 percent from its mid-rate each day, although in practice it has never moved more than a small fraction of that figure.