China's yuan hits news high against USD Monday
时间：2011-05-09 08:10:54
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BEIJING, May 9 (Xinhua) -- The Chinese currency renminbi (RMB), or the yuan, Monday gained 15 basis points from the previous(以前的) trading day to hit a new high of 6.4988 per U.S. dollar.
The yuan first broke the
symbolic1 6.50 ratio against the U.S. dollar on April 29, when it was set at 6.4990.
The yuan exchange rate has appreciated(欣赏,感激) by almost 1.9 percent against the dollar since the start of this year.
It has also risen by nearly 5 percent against the greenback since June 19 of last year, when the People's Bank of China, the central bank, announced that it would make its exchange rate formation
mechanism2 more flexible.
Su Guojian, CCB International Research Managing Director, said a weak dollar is the main reason the yuan has kept appreciating against the dollar recently.
As the third round of the China-U.S. Economic and
Strategic3 Dialogue opens Monday and Tuesday in Washington DC, it is expected the renminbi exchange rate will be one of the issues on the
agenda4.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central
parity5 rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.(本文由在线英语听力室整理编辑)
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