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People's Daily Online>>China Business

RMB spot rate hits 17-year high

By Jiang Yu (Beijing Daily)

15:43, December 28, 2011

Edited and translated by People's Daily Online

The RMB spot exchange rate against the U.S. dollar hit a 17-year record high on Dec. 26, according to statistics from the China Foreign Exchange Trade System.

Statistics showed that the RMB rose 0.12 percent to 6.3290 per dollar at 10 a.m. on Dec. 26, reaching its strongest level since China unified the official and market exchange rates in 1994.

The RMB exchange rate had experienced sharper two-way fluctuations in the first 18 trading days of December than before. The currency’s exchange rate touched the lower limit for 12 consecutive trading days, and rose more than 400 basis points on Dec 16, recording its largest one-day gain since the country initiated the RMB exchange rate reform. The central parity rate of the RMB rose by 103 basis points on Dec. 21, setting a 6-week high.

As for the surge in the RMB exchange rate, experts said that a strong yuan plays an important role in ensuring China’s stable economic growth, and the trend of RMB appreciation will continue for a relatively long time. The sharp increase in the RMB exchange rate on Dec. 26 showed that the Chinese currency remains strong.

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