Yuan rises to new high against the US dollar

Updated: 2012-02-10 14:48

By Lan Lan (chinadaily.com.cn)

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China's yuan advanced to an 18-year high against the dollar on Friday.

The People's Bank of China set the yuan's central parity rate against the US dollar at 6.2937, the highest since the country's major exchange rate reform in 2005.

The yuan is allowed to be traded up or down by a maximum of 0.5 percent from its daily mid-point on China's foreign exchange spot market.

Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.2550 on Thursday, a record high since March 2008.