Article: YUAN BREACHES 8 PER USD LEVEL AMID STRONG MARKET HOPES.

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.

...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!