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Yuan hits new high

06-01-2011 08:46 BJT

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The Chinese currency Renminbi strengthened 11 basis points to an all-time high on Tuesday, for the fourth straight session.

The central bank set its mid-point at 6.4845 against the U.S. dollar. The Chinese currency has now appreciated 1.65 percent since the start of this year, and 5.3 percent in the period of a year.

Dealers are expecting the yuan to rise further, as a stronger currency could offset imported inflation. In the meantime, analysts are suggesting the government closely monitor inflows of hot money resulting from the continuously appreciating currency.

The Chinese currency Renminbi strengthened 11 basis points to an all-time
high on Tuesday, for the fourth straight session.

YUAN'S MID-POINT AGAINST US DOLLAR

May 30th 6.4856

May 31st 6.4845

Source: People's Bank of China

Editor:Shi Jierui |Source: CNTV.CN

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