The value of the Renminbi (RMB) yuan against the US dollar kept rising on Friday and hit a new high with the central parity rate at 7.8526 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.
The central parity rate hit 7.8596 on Thursday, breaking the 7.86 mark. This signifies RMB value has risen by 3.27 percent after China's reform of the exchange rate system on July 21, 2005.
The exchange rate was about 8.28 yuan per US dollar for quite a long time before the reform.
The government launched the reform in July last year to allow the yuan to float against the US dollar within a daily 0.3 percent band from the official central parity rate.
China's foreign exchange reserves were on the track to hit US$1 trillion after climbing to US$987.9 billion by the end of September, with a monthly average increase of US$18.7 billion for the first nine months.
(Xinhua News Agency November 25, 2006)
