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RMB appreciates by 3.53 percent since reform

(Xinhua)
Updated: 2006-12-01 15:02

The value of the Renminbi (RMB) against the U.S. dollar hit a new high on Friday with the central parity rate at 7.8331 yuan to one dollar, growing by 3.53 percent since China's reform in the exchange rate system last year.

The RMB value has been on the rise since July 21, 2005, when the Chinese government launched the reform of the exchange rate system to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band around the official central parity rate.

The exchange rate was set at about 8.28 yuan per U.S. dollar before the reform.

The latest rise followed previous records on Nov. 9 when the central parity rate hit 7.8697, breaking the 7.87 mark, Nov. 23 when it was 7.8596, breaking the 7.86 mark, Nov. 27 when it was 7.8402, breaking the 7.85 mark and Nov. 29 when it was 7.8394, breaking the 7.84 mark.