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Chinese currency hits new high

11-12-2010 16:38 BJT

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China's currency, the Renminbi, strengthened 3 basis points Friday to 6.6239 against the U.S.dollar -- a new record high.

The stronger Yuan came as the consumer price index,hit a 25-month high at 4.4 percent in October. The CPI is a major gauge of inflation in a country.

The central bank said it will raise bank's reserve requirement ratio by 50 basis points, November 16th, as concerns about inflation and excessive liquidity rise. At present, the RMB is allowed to float on the inter-bank foreign exchange market within a daily limit of half a percent each way of the central parity rate.

Editor:Zhang Ning |Source: CNTV

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