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Yuan strengthens against dollar

By Lu Jianxin and Jason Subler | China Daily | Updated: 2011-02-18 08:13

Yuan strengthens against dollar

SHANGHAI - The yuan rose against the dollar on Thursday morning after the People's Bank of China set a record high mid-point while its value versus a trade-weighted basket remained at a standstill.

Before trading began, the People's Bank of China, the central bank, fixed the yuan's daily mid-point at 6.5800 to the dollar, up from Wednesday's 6.5855, the highest since the country's major exchange rate reform in 2005.

While the yuan is showing increasing signs of steady appreciation against the dollar, its value versus a trade-weighted basket remained weak in January, the latest data issued by the Bank for International Settlements (BIS) showed.

Yuan strengthens against dollar

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