CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

SAFE: China to keep yuan basically stable

07-09-2010 08:19 BJT

BEIJING, July 8 (Xinhua) -- China's foreign exchange regulator said Thursday it will keep the exchange rate of the yuan, China's currency Renminbi (RMB), basically stable at a reasonable and balanced level.

In a Q & A statement on its website, the State Administration of Foreign Exchange (SAFE), the regulator, said under the current regulation, the daily trading price of the RMB against the U.S. dollar on the inter-bank foreign exchange market is allowed to float within a band of 0.5 percent from the central parity rate, which is announced by the China Foreign Exchange Trading System each day.

The price difference between quoted non-cash U.S. dollar selling and buying prices offered by banks shall not exceed 1 percent of the central parity, the SAFE said.

The price difference between the quoted U.S. dollar cash selling and buying prices offered by banks shall not exceed 4 percent of the central parity, according to the statement.

The central parity rate of the yuan to the U.S. dollar stood at 6.7768 Thursday, according to data released by the China Foreign Exchange Trading System.

The yuan-dollar central parity rate was 6.7720 last Friday, the strongest since July 2005.

China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.

The regulator said capital inflow pressures have eased since May partly due to weaker expectations for yuan appreciation.

Net foreign exchange inflows have fallen 56 percent in May compared to April's level, the SAFE added.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program