Yuan's value against US dollar breaks 7.95
(Xinhua)
Updated: 2006-09-05 14:48
The appreciation of China's currency of Renminbi (RMB) is speeding up, with
the daily benchmark rate rising to a new high of 7.9499 yuan against the US
dollar on Monday, breaking the 7.95 mark for the first time.
Meanwhile the trade price between yuan and US dollar in the inter-bank
market even reached 7.9385 during the business day. So far, the yuan's value has
risen 4.08 percent since the method of calculating the value of the RMB was
reformed in July last year.
The RMB has been inching upward since its value was raised by two percent
when it was linked to a basket of foreign currencies in July last year,
scrapping its decade-old method of pegging the currency to the US dollar.
China has been allowing the RMB to fluctuate plus or minus 0.3 percent a day
according to the benchmark rate set by the central bank.
The fluctuation of the RMB against the US dollar is currently reaching
its daily limits.
(For more biz stories, please visit Industry Updates)
|
