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China's yuan hits new high against U.S. dollar |
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11:21, July 10, 2007 |
China''s currency, the yuan, hit a new high against the U.S. dollar on Tuesday, according to the Chinese Foreign Exchange Trading System.
The value of the yuan went up 240 basis points from Monday''s 7.6085 against the U.S. dollar to open for trade on Tuesday at 7.5845, the highest rate since the yuan was revalued by 2.1 percent from 8.28 yuan in July 2005.
It is the 49th time that the yuan''s value has hit a record this year, climbing by 2,242 basis points from 7.8087 on the last trading day of 2006.
The weak U.S. dollar on the international market was the main reason for the yuan''s appreciation, said Ye Yaoting, a senior analyst with the Shanghai-based Bank of Communications.
The yuan''s performance against other currencies such as the euro had been much less spectacular.
Ye said the yuan was brought under pressure, with the United States complaining a slow appreciation gave Chinese exporters unfair trading advantages.
China''s customs authorities said on Tuesday the country''s monthly trade surplus hit a new high of 26.91 billion U.S. dollars in June, up 85.5 percent over the same month last year.
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