Foreign Exchange News
- RMB hits new high against USD for 7th time since New Year
Date: 25-Jan-2007 Sources: (Xinhua Online)
The value of Renminbi (RMB) yuan against U.S. dollar hit a new high on Wednesday with a central parity rate of 7.7755 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.
It was the seventh time for the RMB value to hit a new high since Jan. 1 this year. The value has risen 4.3 percent against U.S. dollar since China's reform of the exchange rate system on July 21, 2005.
The RMB value rose to 7.7758 last Thursday after rising for four days in a row.
China started the reform of the exchange rate system in 2005 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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