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RMB appreciation reach 332 basis points by Jan 24

27 Jan '07
1 min read

On January 24, the exchange rate between US dollar and RMB reached a new record. Since RMB exchange reform, the middle exchange rate of one dollar against RMB stood at 7.775, an increase of 60 basis points each day.

Since the New Year, RMB has been steadily increasing. According to the calculation against the middle exchange rate on December 29 last year, RMB has appreciated 332 basis points since the New Year.

At 2007 banks conference just concluded last weekend, China's central bank indicated that they would let the market supply and demand to play a fundamental role further in the formation of RMB exchange rate, improve the managed floating exchange rate system, enhance the flexibility of RMB exchange rate, and keep the RMB exchange rate basically stable at a reasonable and balanced level.

Market generally believes that 2007 will continue to maintain the trend of a stable appreciation in RMB exchange rate.

Fibre2fashion, News Desk - China

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