China's yuan hits new record high at 6.6227 per USD

10:50, December 31, 2010      

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On the last trading day of 2010, the Chinese currency, the yuan, strengthened to a record high for a second consecutive day, at 6.6227 per U.S. dollar, after 11 consecutive days of gains.

The central parity rate of the currency, also known as the renminbi (RMB), was set two basis points stronger than Thursday's 6.6229, according to the China Foreign Exchange Trading system.

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

Source: Xinhua
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