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China’s yuan hits another new high against U.S. dollar

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Xinhua
Wednesday, July 16, 2008

China’s currency, the yuan, on Wednesday set another post-revaluation high against the weakening U.S. dollar for the second consecutive day.

The central parity rate of the yuan, or Renminbi (RMB), was 6.8128 yuan to the dollar, according to the China Foreign Exchange Trading System. The reference rate was up 102 basis points from the previous trading day.

The yuan has risen more than 7 percent against the dollar so far this year, compared with the 6.9-percent gain last year, and has broken its own record value 55 times.

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Market observers said Wednesday’s depreciation of the dollar was due largely to lingering concerns about credit risks in the U.S. financial regime, despite the U.S. government’s decision to rescue struggling Fannie Mae and Freddie Mac, the biggest providers of financing for home loans.

Some experts called for actions to slow RMB appreciation, so as to avoid adversely affecting the Chinese economy.

On Wednesday, the Renminbi gained 162 basis points against the euro to 10.8375 yuan, but lost 689 basis points against 100 Japanese yen to 6.5017 yuan.

This article was posted: Wednesday, July 16, 2008 at 3:57 am





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