China's Renminbi (RMB) climbed 54 basis points to break the 7.33
mark on Tuesday, with the central parity rate at 7.3261 yuan
against one US dollar, according to the Chinese Foreign Exchange
Trading System.
The yuan broke the 7.34 mark at 7.3315 yuan against one US
dollar on Monday.
This was the 80th new high the yuan has hit since the beginning
of this year, up more than 6.6 percent accumulatively.
The accumulative appreciation since July 21, 2005, when China
discontinued yuan's peg to the greenback, has exceeded 10.7
percent.
The yuan would still maintain a slow and stable appreciation
trend, according to a report by Tuesday's China Securities
Journal.
The weak performance of the US dollar in the international
market last Friday also gave a spur to the yuan's appreciation,
said the report.
Last week, the US Treasury Department released a report
determining that China was not manipulating its currency to gain
unfair trade advantages.
The twice-yearly report came after China and the United States
had their third round of Strategic Economic Dialogue in Beijing
from Dec. 12 to 13.
(Xinhua News Agency December 25, 2007)
