The Renminbi exchange rate peaked at 8.0424 yuan against one US dollar at the inter-bank centralized competitive bidding system last Friday. The accumulative climb of 0.83 percent means a nearly 3 percent RMB appreciation against the US dollar since the 2 percent revaluation of RMB on July 21 last year.

The central parity announced by China Foreign Exchange Trading System last Friday was 8.0432 yuan against the US dollar, plunging 58 basis points over 8.0490 yuan last Thursday. That was the lowest since the exchange rate reform and the sharpest slump on a single day since the central parity was introduced.

The value of US dollar against yuan remained stable in the past two weeks. But prior to that the yuan experienced an upswing between the end of January and beginning of February.

The US dollar-RMB exchange rate dropped by 0.0017 on average a week last year since the reform. However, the US dollar fell by 0.0034 a week since the beginning of this year.

By People's Daily Online