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Yuan pulls back slightly to 6.3996 against USD

08-18-2011 10:36 BJT

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The RMB has been on a tear over the last week, and today it pulled back slightly against the US dollar. China's central bank set the currency's midpoint versus the greenback at 6.3996, marginally down from the previous trading day's point.

The yuan has appreciated more than 6.8 percent since the People's Bank of China vowed a more flexible yuan in June 2010 - and over 3 percent so far this year.

In the nation's foreign exchange spot market, the yuan is allowed to rise or fall by half a percent from the central parity rate each trading day, and the midpoint against the 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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