Lux
03-16-2006, 02:26 PM
Yuan's Value Takes Landmark Leap
BEIJING, March 16 -- The yuan yesterday made its biggest single-day gain since its revaluation, after Premier Wen Jiabao said China will increase the flexibility of its currency valuation system.
The People's Bank of China posted a daily reference rate of 8.0388 against the US dollar at yesterday's opening session, up 0.11 percent from Tuesday's closing quote.
The growth marks the yuan's biggest daily rise since China appreciated its national currency 2.1 percent on July 21, dropping its decade-old link to the US dollar and replacing it with a basket of currencies. The yuan has gained about 3 percent against the dollar so far.
The reference quote, or daily opening rate, is based on weighted-average quotes from 10-plus commercial lenders, indicating market value.
Under the current managed floating forex system, the central bank allows a 0.3 percent daily trading band.
The yuan closed at 8.0377 against the greenback yesterday at the China Foreign Exchange Trade System, the operator of China's interbank forex trading system, marking a 0.12 percent gain from Tuesday's level. It was the first time the single-day move broke the 0.1 percent mark....
http://news.xinhuanet.com/english/2006-03/16/content_4308483.htm
BEIJING, March 16 -- The yuan yesterday made its biggest single-day gain since its revaluation, after Premier Wen Jiabao said China will increase the flexibility of its currency valuation system.
The People's Bank of China posted a daily reference rate of 8.0388 against the US dollar at yesterday's opening session, up 0.11 percent from Tuesday's closing quote.
The growth marks the yuan's biggest daily rise since China appreciated its national currency 2.1 percent on July 21, dropping its decade-old link to the US dollar and replacing it with a basket of currencies. The yuan has gained about 3 percent against the dollar so far.
The reference quote, or daily opening rate, is based on weighted-average quotes from 10-plus commercial lenders, indicating market value.
Under the current managed floating forex system, the central bank allows a 0.3 percent daily trading band.
The yuan closed at 8.0377 against the greenback yesterday at the China Foreign Exchange Trade System, the operator of China's interbank forex trading system, marking a 0.12 percent gain from Tuesday's level. It was the first time the single-day move broke the 0.1 percent mark....
http://news.xinhuanet.com/english/2006-03/16/content_4308483.htm