Yuan rises to record high against US dollar

Updated: 2011-08-12 16:04


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Yuan rises to record high against US dollar

Staff counting dollars at a bank in Jimo, Qiangdao of Shandong province, Aug 10, 2011. [Photo / Asianewsphoto]

BEIJING - The Chinese currency Renminbi, or the yuan, gained 19 basis points to a record high of 6.3972 per $1 on Friday, according to the China Foreign Exchange Trading system.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.

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