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China's yuan gains 34% against USD in past 8 years


14:32, July 22, 2013

BEIJING, July 22 (Xinhua) -- The Chinese currency Renminbi, or the yuan, has appreciated 34 percent against the U.S. dollar since the exchange rate reform began eight years ago.

The central parity rate of the yuan stood at 6.17 yuan per U.S. dollar on Monday, according to the China Foreign Exchange Trading System.

The yuan advanced some 20 percent against the euro during this period.

Experts said after eight years of appreciation, the yuan's exchange rate is close to the equilibrium level, and a general trend of two-way exchange rate fluctuation is coming into being.

Since the beginning of the year until now, the yuan's value went up in 65 trading days and down in 63 trading days.

China discontinued the yuan peg to the greenback on July 21, 2005, and moved into a managed floating exchange rate mechanism based on market demand and supply, with reference to a basket of currencies.

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