The People's Bank of China set the central parity
rate for the yuan at a record high of 7.4251 to the US dollar this
morning.
Yesterday the yuan finished at a new high of 7.4421
to the greenback on the over-the-counter (OTC) market, according to
the China Foreign Exchange Trade System.
On the exchange-traded market, the yuan also ended
at a new high of 7.4415 yesterday.
China loosened the yuan from a long-standing peg of
about 8.3 to the dollar in favor of a trade-weighted basket of
currencies in July 2005, and has since allowed the yuan to
appreciate slowly, but steadily. The rate, however, has appreciated
faster in recent weeks.
(Chinadaily.com.cn November 8, 2007)
