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Chinese yuan ends 3-day appreciation streak


13:32, November 28, 2012

BEIJING, Nov. 28 (Xinhua) -- China's currency, the Renminbi or yuan, ended a three-day appreciation streak on Wednesday, according to the China Foreign Exchange Trading System.

The central parity rate of the yuan, which is based on a weighted average of trading prices offered by market makers before the opening of each trading day, weakened 50 basis points to 6.2902 against the U.S. dollar on Wednesday.

The yuan had advanced for three straight trading days by Tuesday.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

On Tuesday, the yuan hit the daily trading limit on the spot market to open at 6.2223, a new historic high against the U.S. dollar.

The U.S. Treasury Department said in its latest semi-annual currency report on Tuesday that China did not manipulate its currency.

The report outlined actions taken by China to appreciate its currency and move toward a more market-determined exchange rate. The yuan has appreciated by 9.3 percent in nominal terms and 12.6 percent in real terms against the U.S. dollar since June 2010, said the department.

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