The daily mid-point exchange rate of the renminbi
(RMB)?stood at 8.0388 against the US dollar on Wednesday
versus Tuesday's close of 8.0473.
The?RMB has been strengthening since March 13 and it is
expected to set a record high in the near future, said Yu Yi, a
Shanghai economist and a special analyst for Xinhua. He added that
the appreciation was due mainly to market demand.
Against other currencies, the?RMB stood at 9.6620 against
the Euro, 6.8311 against 100 Japanese yen, and 1.0361 against the
Hong Kong dollar.
Meanwhile, the market has been reacting positively following
Chinese Premier Wen Jiabao's remarks at a press conference in
Beijing on Tuesday, Yu said.
Wen said that there won't be any further one-off administrative
appreciations or depreciations, and China will not introduce any
more unexpected changes in the reform process.
China removed its currency's peg to the US dollar last July, and
revalued its currency by 2.1 percent to 8.11 yuan to the
dollar.
(Xinhua News Agency March 16, 2006)