Source: CCTV.com

01-17-2007 14:05

The Chinese currency yuan rose against the dollar for a third straight session on Tuesday after sources from the Ministry of Commerce said the currency is undervalued and needed further appreciation to help the economy.

The yuan closed to 7.79 per dollar on Tuesday, up from 7.7918 on Monday. China's central bank set its yuan mid-point at 7.7895 per dollar on Tuesday, the highest point since the currency was revalued in July, 2005.

On Wednesday the central bank set the yuan mid-point at 7.7798. Some dealers say the rising yuan mid-point is a signal that China wants the yuan to appreciate faster.

Editor:Du Xiaodan