Center

RMB new high against US dollar

(Xinhua)
Updated: 2007-02-06 11:24

The value of the Chinese currency yuan against the U.S. dollar hit a new high on Tuesday with a central parity rate of 7.7595 yuan to the dollar, according to the Chinese Foreign Exchange Trade System.

The yuan, also known asRMB, gained 45 basic points from Monday's reference rate of 7.7640 to the U.S. dollar, strengthening further from last record of 7.7613 on Friday.

The record is the 11th one the RMB has set since the beginning of the new year.

China started the reform of the exchange rate system in 2005 to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate.