RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
Yuan hits new high against US dollar
Adjust font size:

China's currency, the yuan, hit a new high against the U.S. dollar on Wednesday, according to the Chinese Foreign Exchange Trading System.

 

The central parity rate of the yuan, known as Renminbi (RMB), stood at 7.3647 yuan to one U.S. dollar, gaining 150 basis points from Tuesday's reference rate of 7.3797.

 

The RMB has appreciated about 11 percent since China depegged it to the U.S. dollar in July 2005.

 

The sharp rise in the RMB reference rate came as China and the U.S. opened third bilateral Strategic Economic Dialogue in Beijing on Wednesday when yuan appreciation is expected to become a topic.

 

Some U.S. critics said that China's yuan are undervalued, which gives China's exporters an unfair price advantage and is a main reason for the massive trade imbalance between China and the U.S.

 

China's trade surplus soared 52.2 percent year-on-year to 238.13 billion U.S. dollars during Jan.-Nov. period, the General Administration of Customs said on Tuesday.

 

On Wednesday the RMB also appreciated against other major currencies. The central parity rate of yuan stood at 10.8000 and 15.0026 to one euro and pound respectively, up from 10.8566 and 15.1018 on Tuesday.

 

(Xinhua News Agency December 12, 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Yuan hits new high against US dollar
- Yuan breaks 7.48 mark against USD
- Chinese yuan breaks 7.5 mark against USD
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Online operators are on top of the game
-Macao's gaming market expands further
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号