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Yuan rises to 6.39 a dollar as appreciation quickens

By Wen Sheng (People's Daily Online)

10:09, August 11, 2011

Beijing--China’s currency appreciation has accelerated since the U.S. Federal Reserve revealed Tuesday that it would extend its exceptionally low interest rates policy through 2013.

The People’s Bank of China, the central bank, set the official medium trading price at 6.3991 yuan trading one U.S. dollar on Thursday, a record high of the Chinese currency against the greenback since Beijing embarked on the yuan’s revaluation reform in July 2005.

Thursday’s surge marks a steep rise of 176 basic points from Wednesday’s 6.4167 yuan trading a dollar.


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