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SHANGHAI, Dec. 29 (Xinhua) -- The value of the
Renminbi against the U.S. dollar ended 2006 on a record high on Friday, reaching
7.8087 yuan to one dollar, according to the China Foreign Exchange Trading
Center based in Shanghai.
It is the seventh record set since the beginning
of December, following on from Thursday's new high, the center added.
The value of the RMB has risen nearly 3.86 percent
since China decided to revalue its currency in July 2005.
The central parity of the RMB against the other four
major currencies announced on Friday by the Trading Center were as follows:
10.2665 yuan to one euro, 6.5630 yuan to 100 Japanese yen, 1.00467 yuan to one
HK dollar and 15.3232 yuan to one pound.
According to Ye Yaoting, a forex analyst from the
Bank of Communications, commercial banks needed to sell their dollars at the end
of the fiscal year.
"The move drove up demand for the RMB and helped
further increase the value of the local currency," Ye said.
Related:
2006-12-28 17:22:18
SHANGHAI, Dec. 28 (Xinhua) -- The value of the Renminbi
(RMB) against the U.S. dollar hit a record high on Thursday with a central
parity rate of 7.8149 yuan to one dollar, according to the China Foreign
Exchange Trading Center based in Shanghai. Full Story
2006-11-27 11:40:30
BEIJING, Nov. 27 (Xinhua) -- The value of the Renminbi
(RMB) against the U.S. dollar hit a new high on Monday, with the central parity
rate at 7.8402 yuan to one dollar, breaking the 7.85 mark.Full Story
2006-06-30 16:32:20
BEIJING, June 30 (Xinhua) -- The Chinese government should
accelerate the promotion of the Renminbi yuan as an international hard currency,
the official People's Daily said in an article published Friday in its overseas
edition. Full Story
2006-06-24 10:41:41
BEIJING, June 24 (Xinhua) -- RMB will witness obvious
appreciation trend in 2007, and is likely to appreciate by large degree, said Yu
Yongding, a member of Chinese central bank's monetary policy
committee. Full Story
2006-06-12 10:56:09
BEIJING, June 12 -- The yuan had its biggest weekly gain in
10 months last week as the country announced plans to remove restrictions on
purchases of foreign currencies. Full Story
2006-06-05 08:53:48
BEIJING, June 5 -- The government will look to upcoming
economic data before deciding on further economic cooling measures such as an
interest rate hike or an increase in bank reserve ratios, the National
Development and Reform Commission (NDRC) said. Full Story
2006-05-24 18:04:53
BEIJING, May 24 (Xinhua) -- A large appreciation in the
value of China's currency would have an unfavorable effect, Nobel laureate
Robert Mundell warned Tuesday, predicting that China's housing markets would go
into recession. Full Story
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