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Chinese yuan set new record high after Federal rate cut
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13:14, January 24, 2008

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China's currency, the yuan, hit another record high of 7.2293 against the U.S. dollars on Thursday after following a key interest rate cut in the United States.

The central parity rate of the yuan, known as Renminbi (RMB), jumped by 57 basis points from 7.2350 yuan Wednesday against one U.S. dollar, according to China Foreign Exchange Trading System.

Chinese shares rebounded by more than 3 percent on Wednesday after the earlier-than-expected U.S. rate cut overnight eased concerns about a declining U.S. economy. The Shanghai and Shenzhen bourses opened more than one percent higher on Thursday, but went down to around previous close prices after a while.

The U.S. Federal Reserve slashed the benchmark federal funds rate by 0.75 percentage point to 3.5 percent, in an emergency attempt to ward off rising fears of U.S. recession.

The rate cut has prompted the U.S. dollar to fall sharply against other major world currencies.

To date, Chinese yuan has appreciated more than 12 percent against the greenback after it was revalued with the ending of its peg to the U.S. dollar in July 2005.

Source:Xinhua



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