Banking News
- Chinese yuan breaks 7.5 mark against USD
Date: 24-Oct-2007 Sources: (People's Daily)
China's Renminbi (RMB) broke the 7.5 mark to reach a new central parity rate of 7.4938 yuan to one U.S. dollar on Wednesday, according to the Chinese Foreign Exchange Trading System.
The yuan climbed 72 basis points to one dollar on Tuesday, rising a total 3,149 basis points from 7.8087 yuan on the last trading day of 2006.
The accumulative appreciation since July 21, 2005, when China discontinued yuan's peg to the greenback, has exceeded eight percent.
At a conference of the People's Bank of China on Tuesday, the central bank said it would strengthen efforts in financial control and improve the valuation mechanism of the RMB exchange rate.
The People's Bank of China on May 21 further widened the floating band of yuan against dollar for daily spot trading on the inter-bank market from 0.3 percent to 0.5 percent.
On Wednesday, the yuan lost 329 basis points from the previous trading day to reach a central parity rate of 10.6779 yuan against one euro.
Meanwhile, it climbed 28.5 points from 6.5585 on Tuesday to 6.53 yuan against 100 Japanese yen.
The yuan broke the 7.6 mark against the U.S. dollar on July 3.
Sponsor Results:
