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| RMB breaks 7.83 mark against U.S. dollar |
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| www.chinaview.cn
2006-12-04 16:18:05
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SHANGHAI, Dec. 4 (Xinhua) -- The value of the
Renminbi (RMB) yuan against the U.S. dollar hit a new high Monday, with a
central parity rate of 7.8240 yuan to one dollar, breaking the 7.83 mark,
according to the Chinese Foreign Exchange Trade System.
The value of the RMB has increased by 3.65 percent
since China reformed the exchange rate system last year.
The exchange rate stayed at around 8.28 yuan per U.S.
dollar for a considerable period prior to China's reform of the exchange rate
system on July 21, 2005.
The government launched the reform in July last year
to allow the yuan to float against the U.S. dollar within a daily 0.3 percent
band from the official central parity rate.
China's foreign exchange reserves, which increased by
more than18 billion U.S. dollars a month over the first nine months, are reputed
to have hit 1 trillion U.S. dollars after climbing to 987.9 billion U.S. dollars
at the end of September.
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