CHINA / National

US dollar-yuan exchange rate hits record 1:7.9982
Updated: 2006-05-15 09:53

The exchange rate of the U.S. dollar against the Chinese currency, yuan, hit a record 1:7.9982 on Monday, the highest level since China appreciated its currency on July 21 last year.

According to a People's Bank of China announcement, the yuan's daily benchmark, or central parity, was 7.9982 against the dollar. 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 opening on each business day.

China raised the value of yuan by 2 percent and started linking it to a basket of foreign currencies last July, scrapping its decade-old peg to the U.S. dollar. The yuan has since risen more than 3 percent.