The exchange rate of the US dollar against the Chinese currency,
yuan, hit a record 1:7.9982 on Monday, the highest level since
China appreciated its currency on July 21 last year.
According to a People's Bank of China announcement, the yuan's
daily benchmark, or central parity, was 7.9982 against the dollar.
On Friday, the rate was 8.0082.
The central parity is based on a weighted average of enquired
prices from all market makers, including major domestic banks,
before the market opening on each business day.
China raised the value of yuan by 2 percent and started linking
it to a basket of foreign currencies last July, scrapping its
decade-old peg to the US dollar. The yuan has since risen more than
3 percent.
(Xinhua News Agency May 15, 2006)
