Finance: Exchange rate hits new high
(Xinhua)
Updated: 2006-07-28 15:11
China's currency, the yuan's daily benchmark, or central parity, rose to a
new high of 7.9792 against the U.S. dollar, the China Foreign Exchange Trading
System announced Friday.
Generally, the yuan has been inching upward since the government raised the
value by 2 percent and started linking it to a basket of foreign currencies in
July last year, scrapping its decade-old peg to the U.S. dollar.
The yuan, limited to moving 0.3 percent above or below each day's parity rate
against the U.S. dollar, has now risen 1.1 percent since the beginning of this
year.
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