Tuesday, March01, 2011 11:36
The value of Chinese currency Renminbi (RMB), the yuan, strengthened 46 basis points against U.S. dollars Tuesday.
The central parity rate was set at 6.5706 per U.S. dollar Tuesday, comparing 6.5752 per U.S. dollar the previous trading day, according to the China Foreign Exchange Trading system.
It is only one basis point away from the record high 6.5705 per U.S. dollar set on Feb. 21.
China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market for each business day.(Xinhua)
The central parity rate was set at 6.5706 per U.S. dollar Tuesday, comparing 6.5752 per U.S. dollar the previous trading day, according to the China Foreign Exchange Trading system.
It is only one basis point away from the record high 6.5705 per U.S. dollar set on Feb. 21.
China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market for each business day.(Xinhua)
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