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YUAN HITS NEW HIGH AGAINST US DOLLAR

April 27, 2007 - 9:39am | author: kianady |

China's currency, the yuan, hit a new high against the greenback on Friday, according to the Chinese Foreign Exchange Trading System.

The central parity rate of the yuan, also known as Renminbi (RMB), stood at 7.7139 yuan to one U.S. dollar on Friday, gaining 60 basis points from Thursday's reference rate of 7.7199.

This is the sixth time in April and the 25th time since the beginning of the year, that the yuan has set a new record, climbing 948 basis points, from 7.8087 yuan to one U.S. dollar posted on the last trading day of 2006.

On Friday, the yuan also gained ground against the euro and Japanese yen. It reached 10.4913 yuan to one euro, up 406 basis points, and 6.4484 yuan to 100 yen, up 583 basis points.



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