Exchange rate of RMB against U.S. dollar hits new high

The exchange rate of the Renminbi (RMB) yuan against U.S. dollar hit a new high on Monday, with the central parity rate at 7.8644 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.

The appreciation followed previous records on Nov. 1 when the central parity rate hit 7.8720, Nov. 8 when it was 7.8719, and Nov. 9 when it was 7.8697, breaking the 7.87 mark.

The yuan has appreciated by over 3.12 percent since the country launched a reform in July last year to allow it to float within a daily 0.3 percent band from the official central parity rate.

The exchange rate was set at about 8.27 yuan per U.S. dollar before the reform.

Source: Xinhua