Foreign Exchange News
- RMB hits new high during first China-U.S. strategic economic dialogue
Date: 15-Dec-2006 Sources: (Xinhua Online)
The value of the Renminbi (RMB) yuan against the U.S. dollar hit a new record high on Friday with a central parity rate of 7.8185 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.
The RMB has risen by 3.73 percent since China's reform of the exchange rate system on July 21, 2005.
A two-day China-U.S. strategic economic dialogue, which concluded here Friday with 'a number of consensus' reached, 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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