Monday, February 18, 2008

Chinese School - RMB appreciated by 0.4% since July

Home Business Politics Life Culture��Edu Sci��Tech Sports Photos


  China Observer

�� Architectural crisis in China

�� Eight focuses of China's economy in 2006

�� New "Grandets" on the rise in Chinese cities


�� Confucius painted on pebble

�� West Lake in early winter

�� China's first cross-sea bridge to open


RMB appreciated by 0.4% since July 2005-12-07 15:36:17

Chinanews, Dec. 7 - After several days of fluctuations around 8.0800:1,
RMB-USD exchange rate broke the 8.0800:1 mark and reached a new high of
8.0780:1 Tuesday, up 0.4% since the July 21 currency regime reform. On
that day, RMB-USD exchange rate fluctuated between 8.0800:1 and 8.0780:1,
up 0.03% over the closing rate on Monday.
Prior to this, RMB-USD exchange rate reached a historical record of
8.0796:1 on Nov. 29. On July 21, China took the world by surprise and
adjusted the RMB-USD exchange rate to 8.11:1.
Domestic media quoted a Chinese official Tuesday that the 3% limit of
RMB-USD exchange rate fluctuation per day is reasonable. Future RMB
exchange rate adjustment will be pushed forward by economic factors but
not the government. The report ruled out possibility of a second RMB
currency regime reform.
CITIC futures researcher Wang Yuanhao pointed out that the recent
appreciation of RMB versus USD is actually far slower than that of RMB
against JPY. Since this year, JPY-USD exchange rate fell about 17%.
RMB-JPY exchange rate closed at 7.3105:100 on July 21 and 6.6780:100
yesterday, an increase of 8.65%.
According to Wang, there is almost no suspense regarding the trend of RMB
exchange rate currently. Appreciation is unavoidable, but the speed is
quite low. Yesterday, the quota for one-year-term RMB-USD non-deliverable
forward was 7.7650 yuan, higher than Monday's closing quota of 7.7570

          ��25 cities opened RMB business to foreign banks
          ��Stronger RMB level in line with forex rules
          ��RMB made 11-year new high against the dollar
          ��RMB made new high versus the U.S. dollar
          ��Rapid RMB appreciation will lead to disaster

Copyright� 2004 All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service

Learn Chinese, Free Chinese Lesson, Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet

No comments: