English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 12:26, July 22, 2005
Philippine peso gains after China scraps yuan peg
font size    

The Philippine currency peso gained sharply against the US dollar in early trade Friday, following other regional currencies, after China decided to scrap the yuan's peg to single US dollar.

At the Philippine foreign exchange market, the peso opened at 55.25 to the dollar, after closing at 55.77 on Thursday. It was the peso's highest intra-day level since June 16.

Philippine central bank governor Amando Tetangco Jr said China's move, which has been widely anticipated, is expected to result in the strengthening of Asian currencies, but in varying degrees.

"Those that appreciate less will gain competitiveness," Tetangco said.

China announced Thursday evening the scrapping of the yuan's peg to the US dollar in favor of a new scheme that will link the yuan to a basket of currencies.

The new yuan rate revalued the currency by 2.1 percent to 8.11 per US dollar from 8.28 previously.

Source: Xinhua

Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this

- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
- China scraps yuan peg, yuan to US dollar rate adjusted to 8.11

- China says its currency not to float by big margin

Online marketplace of Manufacturers & Wholesalers

Copyright by People's Daily Online, all rights reserved