RENMINBI-US DOLLAR EXCHANGE RATE HIT 7.05142 ON MARCH 20
AsiaInfo Services, March, 2008
AsiaInfo Services 03-24-2008 Renminbi-US Dollar Exchange Rate Hit 7.05142 on March 20 BEIJING, Mar 24, 2008 (SinoCast via COMTEX) -- The central parity rate of renminbi against US dollar stood at 7.05142 on March 20, 2008, surging 136 basis points from the prior trading day, according to data from the China Foreign Exchange Trade Center. The exchange rate was a record high since China decided to revaluate its currency in July 2005.
By yesterday, renminbi had appreciated 3.5% since the beginning of this year and over 15% since the revaluation. Since the Federal Reserve cut the US interest rate lately, the value in US dollar has rebounded. However, the value in renminbi still kept soaring in recent days. That was resulted from the strong expectation on appreciation...
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