Yuan hits another new high against dollar
(Xinhua)
Updated: 2007-12-12 11:50
China's currency, the yuan, hit another new high against the US dollar on Wednesday, according to the Chinese Foreign Exchange Trading System.
The central parity rate of the yuan stood at 7.3647 yuan to one 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 dollar in July 2005.
The sharp rise in the RMB reference rate came as China and the US opened the third bilateral Strategic Economic Dialogue in Beijing on Wednesday when yuan appreciation is expected to become a topic.
Some US 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 US.
China's trade surplus soared 52.2 percent year-on-year to $238.13 billion during January-November period, the General Administration of Customs said on Tuesday.
On Wednesday the yuan 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.
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