China's yuan strengthens against U.S.dollar Friday

11:06, July 16, 2010      

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The value of China's currency Renminbi (RMB) strengthened against the U.S. dollar Friday as the central parity rate of the yuan was set at 6.7718 per U.S. dollar, lower than the 6.7741 Thursday, according to the data released by the China Foreign Exchange Trading System.

The figure was the same with that set on Monday, keeping a record high.

China needed to follow a managed float of its exchange rate, which is a fundamental need for economic restructuring and optimizing resources allocation, Hu Xiaolian, deputy governor of the People's Bank of China (PBOC), or the central bank, said in an article published on the PBOC's website Thursday.

The policy would reduce China's trade imbalance and excessive reliance on exports and help sustain economic growth by relying more on domestic demand, Hu said.

Lack of flexibility might trigger a financial crisis and also made medium-size and large economies vulnerable to the fallout of financial crisis, Hu said.

Hu reiterated the central bank would keep the yuan "basically stable at a reasonable and balanced level."

China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.

Source:Xinhua

(Editor:黄蓓蓓)

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