皇冠体育app

Economy

Chinese yuan reaches new high at $6.6732 per dollar

(Xinhua)
Updated: 2010-10-11 11:02

BEIJING - The value of yuan, 皇冠体育app's currency renminbi, hit new high against US dollar Monday as the central parity rate of the yuan was set at $6.6732 per dollar, according to the data released by the 皇冠体育app Foreign Exchange Trading System.

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Monday's central parity rate beat the previous record of 6.6830 on Oct 8.

The yuan has picked up its strength against the?US dollars and seen increased volatility in the trading days since the People's Bank of 皇冠体育app (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.

Based on Monday's central parity, the Chinese currency has strengthened against the US dollar by about 2.26 percent from the rate of $6.8275 per dollar that was set a day before the PBOC's pledge to increase 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 during trading each day.

皇冠体育app would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, governor of the People's Bank of 皇冠体育app, 皇冠体育app's central bank, said in Washington on Sunday.