Chinese currency jump to a new record high against the U.S. dollar

[deniscanada]

Chinese currency jump to a new record high against the U.S. dollar

06/04/2013 08:37

 

Jump rate of the Chinese currency (RMB) against the U.S. dollar to a new record high level in the June 4, and the yuan exchange rate reached the highest level since the Chinese authorities allowed the currency to appreciate in accordance with certain controls in 2005. And select the People's Bank of China (the central bank), the average scope of the yuan's exchange rate at 6.1735 against the dollar, up from 6.1317 in the previous session. This is the highest level for the price of the yuan against the dollar since the Chinese authorities have taken a historic step in 2005 that allowed the currency to appreciate.

 

 

http://translate.google.com/translate?langpair=ar|en&u=http%3A%2F%2Fwww.imn.iq%2Fnews%2Fview.5514%2F

 

[Captjohn]

Wow...at this rate it'll be 6 RMB to the dollar by 2030.  Way to go Chicoms.

[Nadita]

Wow...at this rate it'll be 6 RMB to the dollar by 2030. Way to go Chicoms.

2030??? That is too long. If china wants to be a leader. They'd do it in a few years. So we can go around the world from Iraq to Vietnam to Iran to china lol

Edited June 4, 2013 by Nadita

[SocalDinar]

Expect to pay more for almost everything as the Yuan Rises

 

Thanks Deniscanada

[FlyHi]

I took the numbers to indicate the Yuan was weakening (6.1317 to 6.1735) as the numbers got bigger.....more Yuan to buy a dollar...... what did I miss??

[deniscanada]

SocalDinar NP were all in this togeather

[sandfly]

THANKS

[sandyf]

I took the numbers to indicate the Yuan was weakening (6.1317 to 6.1735) as the numbers got bigger.....more Yuan to buy a dollar...... what did I miss??

 

Nothing really, it is the way they write the articles. The 6.17 is referring to the parity rate that they fix every day and is the highest it has been since the reforms. The market rate  has been hovering around 6.13 for about 10 days and touched 6.12  one day last week.

[FlyHi]

Thanks for the explanation SF

[sandyf]

NEWS: CHINA SETS YUAN CENTRAL PARITY AT 6.1737 THURS VS 6.1757

Source: Market News International (MNI) – A Deutsche Börse company

6. June 2013 08:16:21     

CHINA PRESS: Fast yuan appreciation since the beginning of this year may have...

CHINA PRESS: Fast yuan appreciation since the beginning of this year may havecome to an end as capital inflows slow, the official China Securities Journalsaid in a front page editorial. The newspaper said capital inflows are expectedto slowdown as the China and U.S. interest rate spread is seen narrowing whileChina's economic recovery is not as strong as expected. But the newspaper saidthe monetary authority is unlikely to allow yuan deprecation either as it needsto prevent intensive capital outflows. It said this is the reason why the PBOChas maintained a strong yuan central parity recently. (China Securities Journal)

Source: Market News International (MNI) – A Deutsche Börse company

6. June 2013 06:24:39