Thursday, April 24, 2014   

Yuan touches new high against greenback
(12-10 10:50)

The yuan, advanced to a new record high against the US dollar today.
The currency strengthened 16 basis points to reach 6.1114 per US dollar, the strongest since July 2005, when the country launched reforms of the exchange rate mechanism, according to the China Foreign Exchange Trading System.
The People's Bank of China on Monday set the dollar-yuan central parity rate at 6.1130, stronger than Friday's 6.1232. This was in line with broad dollar weakness despite improved US job data released Friday.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.—Xinhua

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