US dollar-yuan exchange rate hits record 1:7.9982
(Xinhua)
Updated: 2006-05-15 09:53
The exchange rate of the U.S. 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 U.S.
dollar. The yuan has since risen more than 3 percent.
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