Money

China's yuan hits new high against dollar

(Xinhua)
Updated: 2011-02-16 13:22

BEIJING - The Chinese currency, or the yuan, on Wednesday gained 74 basis points to 6.5855 per US dollar, according to the China Foreign Exchange Trading System.

Related readings:  Yuan appreciation won't help solve US problems  Yuan rate 'at right level but fluctuation possible'  Head of IMF urges greater role for yuan  Bernanke urges yuan rethink

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.