BEIJING (XFN-ASIA) - The central bank has set the yuan central parity rate at 6.8375 to the dollar, according to the China Foreign Exchange Trading System.
The rate, published on the official Chinamoney website (www.chinamoney.com.cn), compares with the midpoint of 6.8389 set the previous trading day.
The People's Bank of China (PBoC) started setting a daily central parity rate on Jan 4, 2006.
On July 21, 2005, China freed the yuan from its long-standing peg to the dollar in favor of a trade-weighted basket of currencies, and allowed the local unit to appreciate by 2.1 pct. The PBoC allows a trading band of 0.5 pct on either side of the central parity rate.
susan.wang@xfn.com - xfaws/xfntm COPYRIGHT Copyright Thomson Financial News Limited 2009. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2009 AFX News
