Money

Yuan rises to 5-year high against dollar

(Xinhua)
Updated: 2010-06-22 11:38

BEIJING - The yuan rose to its highest level against the US dollar in five years on Tuesday after China's central bank vowed to make the currency regime more flexible.

Related readings:  Stable exchange rate matters  China reiterates no one-off moves in RMB exchange rate reform  Yuan remains unchanged against USD on Monday  China to further reform RMB exchange rate regime

The central parity of the RMB to the US dollar climbed to 6.7980 on Tuesday, 0.43 percent higher than 6.8275 on Monday, the highest since China unpegged the yuan from the US dollar in July 2005, according to the China Foreign Exchange Trading System.

China's central bank announced over the weekend that it will push forward reform of the Renminbi exchange rate, but ruled out the possibility of a one-off revaluation.

At Monday's opening, the yuan was unchanged against the US dollar from the last trading day, but the spot price rose by nearly 0.45 percent, almost hitting its daily limit of 0.5 percent.