China's Renminbi (RMB) reached a new high to break the 7.47 mark
on Wednesday, with the central parity rate at 7.4692 yuan to one US
dollar, according to the Chinese Foreign Exchange Trading
System.
It was the fourth time that the yuan has hit new high against
the dollar within six consecutive trading days.
The yuan climbed 28 basis points from previous trading at 7.472
yuan to one dollar, rising a total 3,395 basis points from 7.8087
yuan on the last trading day of 2006.
This was the 66th new high the yuan has hit since the beginning
of this year, up more than four percent accumulatively.
The accumulative appreciation since July 21, 2005, when China
discontinued yuan's peg to the greenback, has exceeded 8.3
percent.
At a conference of the People's Bank of China held earlier last
week, the central bank said it would strengthen efforts in
financial control and improve the valuation mechanism of the RMB
exchange rate.
The People's Bank of China on May 21 further widened the
floating band of yuan against dollar for daily spot trading on the
inter-bank market from 0.3 percent to 0.5 percent.
On Wednesday, the yuan lost 311 basis points from the previous
trading to reach a central parity rate of 10.7829 yuan against one
euro.
Meanwhile, it reported considerable gains against the Japanese
yen and the British Pound to stand at 6.5094 yuan against 100
Japanese yen and 15.4534 yuan against one British Pound.
The yuan broke the 7.6 mark against the US dollar on July 3 and
smashed the 7.5 mark on Oct. 24, then the 7.49 mark on Oct. 25.
(Xinhua News Agency October 31, 2007)
