Yuan central parity rate hits new high
By Winny Wang |
May 27, 2011, Friday
|
Print Edition
Print Edition
CHINA'S central bank raised the yuan's central parity rate to a new high against the US dollar yesterday.
The People's Bank of China set the rate 28 basis points higher at 6.4921 per dollar in Shanghai yesterday, beating the previous record of 6.4948 on May 11.
It was the strongest since China dropped the yuan's peg to the dollar in July 2005 and the Chinese currency has gained more than 25 percent since then.
The yuan closed at 6.4915 per dollar in Shanghai, a gain of 0.03 percent, according to the China Foreign Exchange Trading System.
Media quoted a PBOC official, who refused to be identified, as saying on Wednesday that China plans to widen the daily fluctuation band for the yuan-dollar exchange rate to enhance flexibility and curb speculation.
On May 21, 2007, the PBOC widened the daily fluctuation band to 0.5 percent from 0.3 percent on either side of the central parity rate.
Analysts forecast the yuan to rise on a weaker dollar and the Chinese government's determination to tame inflation which rose 5.3 percent in April from a year earlier.
The People's Bank of China set the rate 28 basis points higher at 6.4921 per dollar in Shanghai yesterday, beating the previous record of 6.4948 on May 11.
It was the strongest since China dropped the yuan's peg to the dollar in July 2005 and the Chinese currency has gained more than 25 percent since then.
The yuan closed at 6.4915 per dollar in Shanghai, a gain of 0.03 percent, according to the China Foreign Exchange Trading System.
Media quoted a PBOC official, who refused to be identified, as saying on Wednesday that China plans to widen the daily fluctuation band for the yuan-dollar exchange rate to enhance flexibility and curb speculation.
On May 21, 2007, the PBOC widened the daily fluctuation band to 0.5 percent from 0.3 percent on either side of the central parity rate.
Analysts forecast the yuan to rise on a weaker dollar and the Chinese government's determination to tame inflation which rose 5.3 percent in April from a year earlier.
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