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��Home>>Business
RMB daily appreciation breaks the record
www.chinanews.cn 2006-06-06 17:48:55
Chinanews, June 6 - The basis point of the middle rate of the RMB raised
by 118 on June 5, and this was the greatest daily appreciation ever since
the exchange rate reform. RMB appreciation was opposelessly high on the
trading markets. Some people in the business think that the listing of
the Bank of China and the weakening of the US dollar play a part in the
great appreciation of the yuan.
The median rate of the US dollar to the RMB opened with the rate as high
as 8.0096 yuan on the spot exchange market between banks, which was 118
points higher than 8.0214 yuan last week. The yuan kept on rising until
it broke the point of 8.02 and 8.01. This was the greatest daily
appreciation since the exchange rate reform, and the first time to break
the point of 8.01 in two weeks. The accumulative total appreciation rate
of the yuan since the exchange rate reform rose from 1% to 1.2%.
RMB seemed to be invincible on the trading markets, too. The US dollar to
the yuan closed at 8.0086 yuan at the match secondary market, which was
129 points lower than the day before. On the enquiry market, the closing
price was 153 points lower, at 8.0077 yuan. Thus, the yuan broke the
record of the highest daily appreciation on both the secondary and
enquiry market, and its all three trading prices greatly raised, which is
very rare.
Some traders observe that as far as the US dollar can not cast off the
shadow of weakening, it will be the force to drive RMB to further
appreciation.
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