Foreign Exchange News
- RMB hits new high against U.S. dollar
Date: 15-Dec-2006 Sources: (Xinhua Online)
The value of the Renminbi (RMB) against the U.S. dollar hit a new record high on Thursday with a central parity rate of 7.8197 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.
The RMB has risen by 3.71 percent since China's reform of the exchange rate system on July 21, 2005.
A two-day China-U.S. strategic economic dialogue, which was launched Thursday in the Chinese capital of Beijing, may be a factor in the RMB's rise, according to analysts.
The Chinese government launched a reform in July last year to allow the yuan to float against the U.S. dollar within a daily 0.3percent band from the official central parity rate.
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