Central bank report pushes RMB value to new high
Source: Xinhua Date: 2006-08-14
The appreciation of China's currency of Renminbi (RMB) is speeding up, with the daily benchmark value rising to a new high of 7.9688 yuan against one U.S. dollar on Thursday after the central bank issued its quarterly monetary report.
The central bank said on Thursday in the report that the exchange rate had a role to play in evening out the international payment imbalance, igniting the market speculation that the exchange rate would be loosened and accelerate its appreciation, Friday's Xinhua-run Shanghai Securities News reported.
The Bulletin of China Foreign Exchange Trading Center showed on Thursday that the value reached 7.9688 yuan, a new high after it broke 7.97 yuan on Aug. 7.
It has kept hitting new highs in recent days, breaking the psychological pass of 7.98 yuan and 7.97 yuan in three trading days.
Generally, the RMB has been inching upward since its value was raised by two percent and it was linked to a basket of foreign currencies in July last year, scrapping its decade-old peg to the U.S. dollar.
The RMB, limited to moving 0.3 percent above or below each day's central parity rate against the U.S. dollar, has risen 1.74 percent over the past year.
< < Back to Start of Article The appreciation of China's currency of Renminbi (RMB) is speeding up, with the daily benchmark value rising to a new high of 7.9688 yuan against one U.S. dollar on Thursday after the central bank issued its quarterly monetary report.
The central bank said on Thursday in the report that the exchange rate had a role to play in evening out the international payment imbalance, igniting the market speculation that the exchange rate would be loosened and accelerate its appreciation, Friday's Xinhua-run Shanghai Securities News reported.
The Bulletin of China Foreign Exchange Trading Center showed on Thursday that the value reached 7.9688 yuan, a new high after it broke 7.97 yuan on Aug. 7.
It has kept hitting new highs in recent days, breaking the psychological pass of 7.98 yuan and 7.97 yuan in three trading days.
Generally, the RMB has been inching upward since its value was raised by two percent and it was linked to a basket of foreign currencies in July last year, scrapping its decade-old peg to the U.S. dollar.
The RMB, limited to moving 0.3 percent above or below each day's central parity rate against the U.S. dollar, has risen 1.74 percent over the past year.
The appreciation of China's currency of Renminbi (RMB) is speeding up, with the daily benchmark value rising to a new high of 7.9688 yuan against one U.S. dollar on Thursday after the central bank issued its quarterly monetary report.
The central bank said on Thursday in the report that the exchange rate had a role to play in evening out the international payment imbalance, igniting the market speculation that the exchange rate would be loosened and accelerate its appreciation, Friday's Xinhua-run Shanghai Securities News reported.
The Bulletin of China Foreign Exchange Trading Center showed on Thursday that the value reached 7.9688 yuan, a new high after it broke 7.97 yuan on Aug. 7.
It has kept hitting new highs in recent days, breaking the psychological pass of 7.98 yuan and 7.97 yuan in three trading days.
Generally, the RMB has been inching upward since its value was raised by two percent and it was linked to a basket of foreign currencies in July last year, scrapping its decade-old peg to the U.S. dollar.
The RMB, limited to moving 0.3 percent above or below each day's central parity rate against the U.S. dollar, has risen 1.74 percent over the past year.
The appreciation of China's currency of Renminbi (RMB) is speeding up, with the daily benchmark value rising to a new high of 7.9688 yuan against one U.S. dollar on Thursday after the central bank issued its quarterly monetary report.
The central bank said on Thursday in the report that the exchange rate had a role to play in evening out the international payment imbalance, igniting the market speculation that the exchange rate would be loosened and accelerate its appreciation, Friday's Xinhua-run Shanghai Securities News reported.
The Bulletin of China Foreign Exchange Trading Center showed on Thursday that the value reached 7.9688 yuan, a new high after it broke 7.97 yuan on Aug. 7.
It has kept hitting new highs in recent days, breaking the psychological pass of 7.98 yuan and 7.97 yuan in three trading days.
Generally, the RMB has been inching upward since its value was raised by two percent and it was linked to a basket of foreign currencies in July last year, scrapping its decade-old peg to the U.S. dollar.
The RMB, limited to moving 0.3 percent above or below each day's central parity rate against the U.S. dollar, has risen 1.74 percent over the past year.
