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| RMB Hits New High Against US Dollar |
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The exchange rate of the Renminbi (RMB) yuan against US dollar hit a new high on Monday, with the central parity rate at 7.8644 yuan to one dollar, according to the Chinese Foreign Exchange Trade System. The appreciation followed previous records on Nov. 1 when the central parity rate hit 7.8720, Nov. 8 when it was 7.8719, and Nov. 9 when it was 7.8697, breaking the 7.87 mark. The yuan has appreciated by over 3.12 percent since the country launched a reform in July last year to allow it to float within a daily 0.3 percent band from the official central parity rate. The exchange rate was set at about 8.27 yuan per US dollar before the reform. (Xinhua News Agency November 13, 2006)
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