Yuan hits new high against US dollar after two months of depreciation
23/9/2008 17:45
China's currency, the yuan, today hit a new high against the weakening US
dollar on the recovery of oil prices on global markets.
The central parity
rate of the yuan, or Renminbi (RMB), was 6.8009 yuan to the dollar, according to
the China Foreign Exchange Trading System. The reference rate was up 234 basis
points from the previous trading day.
This was the first time the Chinese
currency broke the 6.81-mark after it unpegged from the dollar in July 2005. The
previous high was 6.8128 yuan on July 16. The yuan lost against the dollar most
of the time over the past two months due largely to expectations of U.S economic
resurgence.
The RMB has appreciated more than 7 percent against the dollar
since the beginning of the year and rose more than 21 percent since July
2005.
Analysts attributed today's appreciation to a weakening dollar amid
worries about the US financial regime and the recovery of oil prices on global
markets, despite the 700-billion-US-dollar market boosting schemes proposed by
the US Treasury and the Federal Reserve.
Today, the Renminbi lost 19.84 basis
points against the euro to hit 10.0796 yuan, and 773 basis points against 100
Japanese yen to 6.3847 yuan.
Xinhua
|
