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Backgrounder on yuan rise

06-20-2011 09:08 BJT

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Within nearly one year, the central parity rate of the yuan has strengthened over 3,500 basis points from 6.8275 against the US dollar set on the first trading day after the reform.

The yuan on Friday advanced by 87 basis points to 6.4716 per US dollar, a fresh high since the reform. During the past 12 months, the appreciation of the yuan has been gradual and steady.

On China's foreign exchange spot market, the yuan can rise or fall half a percent from the central parity rate each trading day. The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

Editor:Shi Jierui |Source: CNTV.CN

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