Chinese RMB Continues To Increase In Value
News November 4th, 2007
It’s all about the Maos! CCTV tells us:
The Chinese Foreign Exchange Trading System says the renminbi (RMB) broke the record 7.47 mark on Wednesday [Oct. 31, 2007], with the central parity rate at 7.4692 yuan to one U.S. dollar.
In six consecutive trading days, the renminbi, or yuan, has broken the record high four times. It climbed 28 basis points from previous trading at 7.472 yuan to one dollar, rising a total 3,395 basis points from 7.8087 yuan on the last trading day of 2006.
This is the 66th new high the yuan has hit since the beginning of this year* - that’s up more than four percent overall.
Good news for those of us drawing a Chinese salary, but not for those traveling to China. Watch the video here.
*”66th new high” is what we in American would call “steady improvement”.
Via CCTV9
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