China's yuan stronger against USD Friday, with central parity rate slightly down

13:13, July 09, 2010      

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The central parity rate of the yuan, China's currency Renminbi (RMB), to U.S. dollar stood at 6.7753 Friday, compared with 6.7768 for Thursday, according to the data released by the China Foreign Exchange Trading System.

The central parity rate of the yuan to the U.S. dollar started from 6.7733 on Monday, which is the strongest performance of yuan in this week. Then the rate climbed to 6.7790 on Tuesday, making yuan the weakest against USD in this week.

The climbing trend of snapped on Wednesday with the central parity rate stood at 6.7781. From Wednesday to Friday, the yuan became stronger against USD bit by bit with central parity rate declines three days in a row.

The yuan-dollar central parity rate was 6.7720 last Friday, the strongest since China announced to unpeg the yuan from the U.S. dollar in July 2005.

China's State Administration of Foreign Exchange (SAFE), the foreign exchange regulator, said Thursday it will keep the exchange rate of 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.



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