British PM visits China
Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Chinese yuan set new record high after Federal rate cut
+ -
13:14, January 24, 2008

 Related News
 Yuan rose sharply against U.S. dollar after Fed rate cut
 China's yuan continues to hit new high against U.S. dollar
 China's yuan hits new high against U.S. dollar for 4th consecutive day
 Yuan breaks 7.25 mark against U.S. dollar
 Chinese currency hits news high against U.S. dollar
 Comment  Tell A Friend
 Print Format  Save Article
China's currency, the yuan, hit another record high of 7.2293 against the U.S. dollars on Thursday after following a key interest rate cut in the United States.

The central parity rate of the yuan, known as Renminbi (RMB), jumped by 57 basis points from 7.2350 yuan Wednesday against one U.S. dollar, according to China Foreign Exchange Trading System.

Chinese shares rebounded by more than 3 percent on Wednesday after the earlier-than-expected U.S. rate cut overnight eased concerns about a declining U.S. economy. The Shanghai and Shenzhen bourses opened more than one percent higher on Thursday, but went down to around previous close prices after a while.

The U.S. Federal Reserve slashed the benchmark federal funds rate by 0.75 percentage point to 3.5 percent, in an emergency attempt to ward off rising fears of U.S. recession.

The rate cut has prompted the U.S. dollar to fall sharply against other major world currencies.

To date, Chinese yuan has appreciated more than 12 percent against the greenback after it was revalued with the ending of its peg to the U.S. dollar in July 2005.


  Your Message:   Most Commented:

|About | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved