China yuan central parity rate set at new high of 7.7798 to dollar vs 7.7895 |
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Wed, 17 Jan 2007 02:43
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SHANGHAI (XFN-ASIA) - The central bank has set the yuan central parity rate at a record 7.7798 to the dollar, according to China Foreign Exchange Trading System.The rate, published on its official Chinamoney website (www.chinamoney.com.cn), compares with the midpoint of 7.7895 set the previous trading day.The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4, 2006.On July 21, 2005, China freed the yuan from its longstanding peg to the dollar in favor of a trade-weighted basket of currencies, and allowed the local unit to appreciate 2.1 pct.The PBoC allows a trading band of 0.3 pct on either side of the central parity rate.(1 usd = 7.8 yuan)qionghui.feng@xinhuafinance.com
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China yuan central parity rate set at new high of 7.7895 to dollar vs 7.7938 