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RMB strengthens after fall against greenback

(Xinhua)
Updated: 2008-12-03 13:37

BEIJING -- China's currency, the yuan, strengthened against the US dollar on Wednesday. This came just days after it fell to its lowest value since its peg to the dollar ended in July 2005.

The central parity rate of the yuan, or Renminbi (RMB), was 6.8502 yuan to the US dollar, according to the China Foreign Exchange Trading System.

The yuan's central parity rate is based on a weighted average of market makers' price inquiries before the market opens on each business day. The rate is allowed to fluctuate within a band of 0.5 percent on either side of the mid-point.

The reference rate gained 25 basis points from previous day. It was 6.8527 yuan per US dollar on Tuesday, compared with 6.8505 yuan on Monday.

The yuan finished at 6.8870 per US dollar on the over-the-counter market on Tuesday, having declined 0.5 percent against its central parity rate.

On Monday, the yuan also fell by the 0.5 percent daily limit on the over-the-counter market to 6.8848 to the US dollar.

The RMB strengthened ahead of the fifth round of China-US Strategic Economic Dialogue, which is scheduled to run from Thursday to Friday.

US Treasury Secretary Henry Paulson will lead a high-level delegation to Beijing to discuss a range of economic issues, including the US economy's recession and China's reduced economic growth.