Biz News Flash

Yuan rises near all-time high against USD Wednesday

(Xinhua)
Updated: 2011-05-25 10:03

BEIJING -- The Chinese currency renminbi, or the yuan, strengthened 89 basis points to 6.4949 per US dollar on Wednesday, approaching the all-time high of 6.4848 per US dollar set on May 11, according to the China Foreign Exchange Trading system.

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 yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.