According to the China Foreign Exchange Trading System, on July 17, the exchange rates of trading currencies against the Renminbi averaged one dollar for 7.5651 yuan on the inter-bank foreign exchange market. After breaking 7.57 on the previous trading day, the RMB exchange rate rose 30 points to hit the 52nd record within this year.
This means the RMB has revalued more than 7.2 percent accumulatively since China launched its reform on exchange rate formation mechanism on July 21, 2005, when the rate was 8.11.
On July 17, 2007, the exchange rates were: one euro for 10.4198 yuan, 100 Japanese yen for 6.2014 yuan, one HK dollar for 0.96734 yuan and one pound for 15.4041 yuan.
By People's DAily Online
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