www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

One USD trades less than 7 yuan

(chinadaily.com.cn)
Updated: 2008-04-10 10:57

The strengthening of China's currency, yuan, has made an epoch mark on Thursday, as the yuan against the US dollar exchange rate officially broke the 7:1 threshold.

The People's Bank of China, the central bank, set the medium parity trading rate of the yuan against the greenback at 6.9920:1, the first time the rate surpassed the 7:1 benchmark, since China's central government phased out its old exchange regime in July 2005.


A bank teller counts the stack of Chinese yuan and US dollars at a bank in Shanghai. [Agencies]

The ever-rising value of the yuan against the dollar is a reflection of the world monetary markets, analysts said. Since the beginning of the year, the value of both euro and Japanese yen has gained 8.5 per cent against the US dollar on the New York market, as the US Federal Reserve reduced major interest rates several times to prevent the world's largest economy from slipping into a recession.

Chinese economists say another reason for the growing gain of the yuan against the dollar is Chinese central bankers are seriously worried about the domestic inflation, which rose to an 11-year-high of 8.7 per cent in February. China's statistics authorities are expected to announce the inflation number for March next week. Many estimated it to hover above 7 per cent.

China abolished a fixed yuan exchange rate pegging the US dollar in July 2005.

Since then, the yuan's value has been determined by the market performance of a basket of major foreign currencies, including the dollar, the euro, the Japanese yen and Korean won.

The recent quickening appreciation of the yuan seemingly underscores the Chinese government's determination to rein in domestic prices rises, which has triggered rising complaints from the public. Some said that Beijing has resorted to two-pronged approaches to fight inflation: rapid yuan revaluation and rein-in of liquidity on the money market.

US Secretary of Treasury, Henry Paulson, told chinadaily.com.cn in an interview last week in Beijing that the Bush administration has taken notice of the rapid rise of the yuan value, a step that has helped facilitate US exports to China, one of the world's major growing consumption markets.

And, quite a few Chinese economists and policy-makers believe that a stronger yuan will also help reduce China's massive trade surplus, and mop up excessive liquidity on the market.

Others say that the latest acceleration in the rise of the yuan might be the beginning of the country's efforts to narrow the trade imbalance while better meeting domestic consumption with more imports. However, others have cautioned that too precipitous rise of the yuan could pose a grave challenge to China’s exports and does not bode well for the job market.

The yuan has gained 4.5 per cent against the greenback since the beginning of 2008. The yuan advanced 7 percent against the greenback in 2007, twice as fast as in 2006.



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 国产精品天天爽夜夜欢张柏芝 | 偷柏自拍亚洲欧美综合在线图 | 日韩美女网站在线看 | 亚洲日本中文字幕在线 | 国内自拍区 | 日日爽夜夜操 | 国产人成精品综合欧美成人 | 日本一区二区三区欧美在线观看 | 久久99精品久久久久久 | 日本天堂网 | 男人的天堂在线观看免费 | 国产一级一级一级成人毛片 | 久久99国产精品亚洲 | 99re久久精品国产首页2020 | 免费的成人a视频在线观看 免费的毛片 | 欧美一级一片 | 最新主播福利视频在线观看 | 黄 色 三 片| 一级一毛片a级毛片欧美 | 久久久国产精品免费 | 国产成人精品免费视频 | 欧美亚洲国产成人高清在线 | 看黄网址 | www.亚洲成人 | 一个人的视频日本免费 | 亚洲欧美综合久久 | 中文字幕中文字幕在线 | 久久中文字幕在线观看 | 欧美在线观看免费一区视频 | 一级黄色香蕉视频 | 国产伦精品一区二区三区网站 | 99久久精品免费看国产一区二区三区 | 亚洲成人免费在线 | 黄色三级视频 | 国产视频久久久久 | 国产精品吹潮在线播放 | 精品久久久久久国产免费了 | 青木玲中文字幕一区二区 | 美女美女大片黄a大片 | 怡红院爽妇网 | 国产成人精品福利网站在线观看 |