RMB drops against US dollar
(Xinhua)Updated: 2007-01-19 14:50 The value of the Renminbi (RMB) yuan dropped slightly against the U.S. dollar on Friday after rising for four days in a row earlier in the week, according to the Chinese Foreign Exchange Trade System.
The central parity rate of the RMB was 7.7788 yuan to the dollar on Friday, down by 30 basis points from 7.7758 yuan on Thursday.
The central parity rate was 7.7938 yuan on Monday, 7.7895 yuan on Tuesday and 7.7798 on Wednesday.
The central parity rate of the RMB to the Hong Kong dollar dropped by 60 basis points to 0.99574 yuan on Friday.
The value of the yuan overtook the HK dollar on Monday for the first time, with a central parity rate of 0.99945 yuan to one HK dollar. The central parity rate was 0.99634 yuan on Thursday.
The central parity rate against the euro was 10.0866 yuan on Friday, 274 basis points lower than Thursday's 10.0592 yuan. The central parity rate against the British Pound was 15.3579 yuan, down 422 basis from Thursday's 15.3157 yuan.
There was no immediate comment from authorities on the fall.
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