Banking

China's yuan sets new high against USD Friday

(Xinhua)
Updated: 2011-04-01 10:29

BEIJING - The Chinese currency, or the yuan, on Friday gained 37 basis points from Thursday to a record high of 6.5527?a US dollar.

Related readings:  All eyes on currency changes  Currency stabilization becomes key topic  Currency breakthrough within 5 years  A tale of two currency areas

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.