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Yuan hits new high against US dollar

www.chinanews.cn 2007-05-08 17:24:57

Beijing, May 8 - China's currency, the yuan, broke the 7.70 barrier for
the first time on Tuesday, the first trading day after the weeklong May
Day holidays, according to the Chinese Foreign Exchange Trading System.
The central parity rate of the yuan, also known as Renminbi (RMB), stood
at 7.6951 yuan to one U.S. dollar on Tuesday, gaining 104 basis points
from the last trading day's reference rate of 7.7055 to the hard currency.
This is the 27th time since the beginning of the year that the yuan has
set a new record, climbing 1,136 basis points, from 7.8087 yuan to one
U.S. dollar posted on the last business day of 2006.

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