BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate
at 7.0593 to the dollar, according to the China Foreign Exchange Trading System.
The rate, published on the official Chinamoney website
(www.chinamoney.com.cn), compares with the midpoint of 7.0512 set the previous
trading day.
The People's Bank of China (PBoC) started setting a daily central parity
rate on Jan 4, 2006.
On July 21, 2005, China freed the yuan from its long-standing peg to the
dollar in favor of a trade-weighted basket of currencies, and allowed the local
unit to appreciate by 2.1 pct. The PBoC allows a trading band of 0.5 pct on
either side of the central parity rate.
zachary.wei@xfn.com
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xfnzw/xfntm
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