China Watch Blog has learnt that China’s currency, the Renminbi, or the yuan, surged 148 basis points to hit a record high of 6.3009 against the US dollar on Friday, the last trading day of 2011.
Friday’s revaluation in the yuan’s central parity rate sealed the Chinese currency’s appreciation against the greenback at 4.86 percent this year, according to the China Foreign Exchange Trading System.
Calculated in terms of the central parity rate, the yuan has strengthened about 24 percent against the US dollar since China replaced its decade-long link between the yuan and the US dollar and switched to a basket of unspecified currencies, the China Daily reported.
The yuan remained strong in 2011 even though a weakening for 12 consecutive trading days in November had once triggered concerns that the Chinese currency might head toward a devaluation cycle.
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