China’s Yuan Breaks 7.4 Mark Against U.S. Dollar – Xinhua

From Xinhua, via sina.com:

China’s currency, the yuan, Friday hit a new high against the U.S. dollar for the second consecutive day, smashing the 7.4-yuan mark, according to the Chinese Foreign Exchange Trading System.

The central parity rate of the yuan, also known as Renminbi (RMB), stood at 7.3992 yuan to one U.S. dollar on Friday, gaining 127 basis points from Thursday’s reference rate of 7.4119.

It is the 73rd time since the beginning of this year that RMB reached a new high against the U.S. dollar. [Full Text]

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