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China yuan hits new record high against USD

English.news.cn   2013-12-11 10:22:49            

BEIJING, Dec. 11 (Xinhua) -- The Chinese currency Renminbi, or the yuan, rose to a fresh record high against the U.S. dollar for the fourth consecutive trading day on Wednesday.

The yuan rose 14 basis points to reach 6.11 per U.S. dollar, the strongest since July 2005, when the country launched reforms of the exchange rate mechanism, according to the China Foreign Exchange Trading System.

The People's Bank of China on Tuesday set the dollar-yuan central parity rate at 6.1114, stronger than Monday's 6.113 and Friday's 6.1232. This was in line with broad dollar weakness despite better-than-expected U.S. job data released on Friday and also came after strong Chinese exports data over the weekend.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

Editor: Lu Hui
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