China will continue to promote gradual exchange rate reforms, even while the yuan is expected to stabilize at a reasonable level, said Yi Gang, head of the State Administration of Foreign Exchange (SAFE).
China's yuan hits new high Friday
The central parity rate of the renminbi, or China's currency yuan, strengthened 3 basis points Friday to 6.6239 per U.S. dollar, or a new record high, according to the data released by the China Foreign Exchange Trading System.
- China's yuan advances to 6.6605 per USD Friday
- China's yuan advances to 6.6691 per USD Thursday
- China's yuan weakens to 6.6786 per USD Wednesday
- China's yuan weakens to 6.6762 per USD Tuesday
- China's yuan weakens to 6.6700 per USD Monday
- U.S. economic problem not due to yuan's value
- Stronger currency 'could hinder growth'
- China's yuan strengthens against USD Wednesday
- China's yuan strengthens against USD Tuesday
BackgrounderOn June 19, 2010, China announced it will proceed further with the reform of the yuan exchange rate regime. Since China adopted a managed floating exchange rate regime on July 21, 2005, the yuan has appreciated by 16.29% against the US dollar.
RMB Exchange Rates
Issued by State Administration of Foreign Exchanges