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Yuan rises to new high

03-01-2012 10:52 BJT

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In forex, the Chinese renminbi rose to a new high against the dollar on Wednesday as the People's Bank of China set the currency's reference rate at the strongest level on record.

The yuan strengthened 42 basis points to stand at 6.2919 against the greenback, the strongest level since a dollar peg ended in July 2005.

In nominal terms, it has risen more than 30% since then, up a quarter of a percent this month alone.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by 0.5% from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

 

Editor:Zhang Rui |Source: CNTV.CN

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