China's yuan rises to record high of 6.5671 per US dollar

Updated: 2011-03-04 10:53


Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - The Chinese currency renminbi (RMB), or the yuan, on Friday strengthened to an all-time high of 6.5671 per US dollar, according to the China Foreign Exchange Trading System.

Friday's central parity rate of the RMB against US dollar was 24 basis points lower than the previous record of 6.5695 set on Thursday.

The yuan has appreciated 3.81 percent since June 19 last year when the People's Bank of China, the central bank, announced it would further reform the exchange rate formation mechanism to improve its flexibility.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market for each business day.


NPC & CPPCC sessions

Lawmakers and political advisers gather in Beijing to discuss major issues.

Self-made aircraft

An automobile mechanic in Northeast China made a test flight of his self-made aircraft which cost about US$395.

Venetian Carnival

Masked revellers celebrate in Saint Mark's Square in Venice.

All about the Year of the Rabbit
President Hu visits the US
Ancient life