RMB hits new high against US dollar

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Source: CCTV.com | 10-31-2007 15:37

The Chinese Foreign Exchange Trading System says the renminbi (RMB) broke the record 7.47 mark on Wednesday, with the central parity rate at 7.4692 yuan to one U.S. dollar.

In six consecutive trading days, the renminbi, or yuan, has broken the record high four times. It climbed 28 basis points from previous trading at 7.472 yuan to one dollar, rising a total 3,395 basis points from 7.8087 yuan on the last trading day of 2006.

This is the 66th new high the yuan has hit since the beginning of this year - that's up more than four percent overall.

Editor:Zhang Ning