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Yuan hits new high of 6.3950 against USD

08-16-2011 09:20 BJT

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China's central bank has set the renminbi's central parity rate against the U.S. dollar at another record high for a fourth straight session on Monday. The yuan's midpoint versus the greenback was set at 6.3950 on Monday, compared to last Friday's 6.3972.

So far, the currency has appreciated more than 6.7 percent since the central bank vowed a more flexible renminbi last June.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day, and the central parity rate against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

Editor:Li Wanran |Source: CNTV.CN

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