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China cenbank sets mid-point yuan rate at 8.0698
(Reuters)
Updated: 2006-01-13 15:09 The daily mid-point of the yuan exchange rate
against the dollar was set at 8.0698 on Friday, weaker than Thursday's 8.0685,
according to China's central bank.
The rate is part of a new system
launched last week aimed at gradually freeing up currency trading. The system
also introduced open over-the-counter trading that will eventually replace the
current system of anonymous and automatic order matching.
China revalued the yuan by 2.1 percent to 8.11 a dollar in July. The currency
may rise or fall 0.3 percent from its mid-rate each day, although in practice it
has never moved more than a small fraction of that figure.
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