Foreign Exchange News
- RMB breaks 7.83 mark against U.S. dollar
Date: 5-Dec-2006 Sources: (People's Daily)
The value of the Renminbi (RMB) yuan against the U.S. dollar hit a new high Monday, with a central parity rate of 7.8240 yuan to one dollar, breaking the 7.83 mark, according to the Chinese Foreign Exchange Trade System.
The value of the RMB has increased by 3.65 percent since China reformed the exchange rate system last year.
The exchange rate stayed at around 8.28 yuan per U.S. dollar for a considerable period prior to China's reform of the exchange rate system on July 21, 2005.
The government launched the reform in July last year to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate.
China's foreign exchange reserves, which increased by more than 18 billion U.S. dollars a month over the first nine months, are reputed to have hit 1 trillion U.S. dollars after climbing to 987.9 billion U.S.dollars at the end of September.
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