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Article: YUAN BREACHES 8 PER USD LEVEL AMID STRONG MARKET HOPES.
- Article from:
- AsiaPulse News
- Article date:
- May 16, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, May 16 Asia Pulse - China's currency, the yuan, breached the psychologically important barrier of eight yuan to the U.S. dollar on Monday, the central bank announced amid strong market expectations.
According to a People's Bank of China announcement, the yuan's daily benchmark, or central parity, rose to 7.9982 against the dollar. Generally, the currency has been inching upward since its July 21 revaluation and today's close was its highest. On Friday, the rate was 8.0082.
The central parity is based on a weighted average of enquired prices from all market makers, including major domestic banks, before the market opens each business day.
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