Source: CCTV.com

05-29-2007 10:16

The Chinese yuan hit another post-revaluation high against the US dollar on Monday, after the central bank set a stronger mid-point. The yuan has now appreciated a further 6 percent since it was depegged from the greenback in July 2005.

The People's Bank of China set the mid-point of the yuan's exchange rate against the dollar on Monday at 7.6512. This is the 35th time the mid-point has set record a new high since this year. This has pushed the central parity rate of the yuan against the US dollar higher by 6 percent since China scrapped the yuan-dollar peg amid drastic currency reforms.