Yuan climbs to new high against USD
Updated: 2007-12-25 14:56
BEIJING -- China's Renminbi (RMB) climbed 54 basis points to break the 7.33 mark on Tuesday, with the central parity rate at 7.3261 yuan against one US dollar, according to the Chinese Foreign Exchange Trading System.
The yuan broke the 7.34 mark at 7.3315 yuan against one US dollar on Monday.
This was the 80th new high the yuan has hit since the beginning of this year, up more than 6.6 percent accumulatively.
The accumulative appreciation since July 21, 2005, when China discontinued yuan's peg to the greenback, has exceeded 10.7 percent.
The yuan would still maintain a slow and stable appreciation trend, according to a report by Tuesday's China Securities Journal.
The weak performance of the dollar in the international market last Friday also gave a spur to the yuan's appreciation, said the report.
Last week, the US Treasury Department released a report determining that China was not manipulating its currency to gain unfair trade advantages.
The twice-yearly report came after China and the United States had their third round of Strategic Economic Dialogue in Beijing from December 12 to 13.
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