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Chinese yuan rises 12 basis points against U.S. dollars
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13:20, June 29, 2009

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China's currency, the yuan, edged up 12 basis points against the U.S. dollars on June 29, after China repeated calls for a new international reserve currency last week.

The central parity rate of the yuan, or Renminbi (RMB), was 6.8316 per dollar Monday compared with 6.8328 per dollar the previous trading day, according to China Foreign Exchange Trading System.

The currency is allowed to float on the interbank market within a 0.5-percent band, which is set daily by the People's Bank of China (PBOC), China's central bank.

The PBOC released its annual financial stability report on Friday and renewed its call for the creation of a super-sovereign currency to replace the U.S. dollar.

The decline of the dollar was tempered after Richard Fisher, president of Federal Reserve Bank of Dallas, said Friday the dollar would not be supplanted as the world's leading currency.


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