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China's yuan rises to new record against US dollar today
Source: Xinhua |
September 20, 2010, Monday
|
Online Edition
Online Edition
THE central parity rate of the yuan, China's currency Renminbi (RMB), rose 62 basis points today to a new record high at 6.711 per US dollar, according to the data released by the China Foreign Exchange Trading System.
Today's yuan central parity against US dollar beat the previous record of 6.7172 per US dollar on Friday and extended the Chinese currency's gains to seven consecutive trading days.
The yuan has seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.
Based on today's central parity, the Chinese currency has strengthened against the US dollar by 1.7 percent from the rate of 6.8275 per US dollar that was set a day before the PBOC's pledge to increase flexibility.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.
According to today's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates except the British pound and the Malaysian Ringgit.
The PBOC released the yuan's central parity rates against a basket of currencies -- the US dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.
The yuan's parity rate against the euro was set by the central bank at 8.7595 today, lower from Friday's 8.7754.
The yuan's rate against 100 yen was 7.8275 today, down from 7.8348 Friday.
The Chinese currency weakened 192 basis points against the British pound with the central parity rate being set at 10.5014, compare with Friday's 10.4822.
The central parity of RMB against the US dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.
The central parity of RMB against the other five currencies is based on the central rate of RMB against the US dollar of the same business day as well as the exchange rates of the five currencies against the US dollar at 9am (0100 GMT) of the same business day in the international foreign exchange market.
Today's yuan central parity against US dollar beat the previous record of 6.7172 per US dollar on Friday and extended the Chinese currency's gains to seven consecutive trading days.
The yuan has seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.
Based on today's central parity, the Chinese currency has strengthened against the US dollar by 1.7 percent from the rate of 6.8275 per US dollar that was set a day before the PBOC's pledge to increase flexibility.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.
According to today's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates except the British pound and the Malaysian Ringgit.
The PBOC released the yuan's central parity rates against a basket of currencies -- the US dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.
The yuan's parity rate against the euro was set by the central bank at 8.7595 today, lower from Friday's 8.7754.
The yuan's rate against 100 yen was 7.8275 today, down from 7.8348 Friday.
The Chinese currency weakened 192 basis points against the British pound with the central parity rate being set at 10.5014, compare with Friday's 10.4822.
The central parity of RMB against the US dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.
The central parity of RMB against the other five currencies is based on the central rate of RMB against the US dollar of the same business day as well as the exchange rates of the five currencies against the US dollar at 9am (0100 GMT) of the same business day in the international foreign exchange market.
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