NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home > News Brief > China
Yuan's rate against US dollar approaching 8.0
Latest Updated by 2006-04-07 09:09:28
Related News
No further one-off revaluation as yuan hits record high
Portraits of Sun Yat-sen, Deng Xiaoping proposed adding to RMB notes
Central bank pledges to make yuan more flexible
RMB rises to new high against USD
China
Hu pledges closer trade, energy links with Yemen
China's "Leaning Tower of Pisa" in danger
Yuan's rate against US dollar approaching 8.0

The exchange rate of the Chinese yuan to the U.S. dollar reached a 12-year high to hit 8.0116 on Wednesday, according to Thursday's China Securities News.

The Chinese currency, also known as renminbi or RMB, chalked up its biggest ever weekly appreciation last week, up more than 3 percent since China's exchange rate reform last July when the value of the yuan started to be linked with a basket of currencies rather than being pegged to the U.S. dollar.

The yuan's recent appreciation shows the market welcomes the news that President Hu Jintao is to visit the United States and that China's foreign exchange reserves are now the biggest in the world, said Cao Honghui, a finance research fellow with the Chinese Academy of Social Sciences.

Hu will visit the United States this month, a trip "aimed at enhancing mutual trust and expanding common understanding", according to a Foreign Ministry spokesman.

Last July, China raised the value of the yuan by 2 percent and scrapped its decade-old peg to the U.S. dollar.

But the United States said the rise is too small. American manufacturers contend that the RMB was undervalued by as much as 40 percent, giving Chinese exporters an "unfair" price advantage and hurting the U.S. labor market.

U.S. pressure built up as China's trade surplus with the United States hit a new high in 2005. Statistics provided by China and the United States differ significantly. China said the Sino-U.S. trade hit 212 billion U.S. dollars last year.

China's foreign currency reserves are being boosted as the country buys dollars and other foreign currencies that come into the economy, amid booming foreign trade, and stockpiles them in U.S. Treasury bonds and other assets as means of foreign exchange controls and to guard against possible inflation, analysts say.

Central banker Zhou Xiaochuan said it is "not reliable" to achieve a Sino-U.S. trade balance only by adjusting exchange rates.

China will not have another one-off revaluation of yuan, said Premier Wen Jiabao last month.

But the yuan is allowed to move 0.3 percent up or down from the benchmark value against the dollar per day.

Editor: Yan

By: Source: China View website
Previous:  China's "Leaning Tower of Pisa" in danger  Next:Democracy programme "a success" in rural areas


Guangzhou collector buys ex-US president's limousine


Guangdong listed 78 Intangible Heritage


[Group Photo]The Zhuxian Cave in Zhuhai


Las Vegas Sands Co. invests 2 bn USD in Hengqin Island


Jessica Alba drops plan to sue Playboy
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips