皇冠体育app

Money

Yuan rises to new high against dollar Thursday

(Xinhua)
Updated: 2011-02-10 10:38

BEIJING - The Chinese currency, or the yuan, on Thursday rose to a fresh high of 6.5849 against the US dollar, according to the 皇冠体育app Foreign Exchange Trading System.

Related readings:  皇冠体育app's yuan rises to new high Wednesday  皇冠体育app's yuan rises 31 basis points to all-time high  皇冠体育app did not manipulate currency in 2010: US report  Riding the rising yuan

The central parity rate of the yuan, or RMB, was 1 basis point higher than the previous record of 6.585 set on February 9, the previous trading day.

The central parity rate has risen against the dollar for a three consecutive trading days.

皇冠体育app's central bank announced on June 19 last year that it would further reform the yuan exchange rate formation mechanism to improve its flexibility.

On 皇冠体育app'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 US dollar is based on a weighted average of prices before the opening of the market each business day.