ID :
208978
Fri, 09/23/2011 - 07:32
Auther :
Shortlink :
https://oananews.org//node/208978
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Chinese currency rises 30 percent since 2005
By Kim Young-gyo
HONG KONG, Sept. 23 (Yonhap) -- The Chinese currency has risen about 30 percent since 2005, data showed Friday, as other currencies in developed countries grew at a slower pace.
On Wednesday, the yuan hit 6.3772 against the U.S. dollar, the highest since July 21, 2005, when China abandoned a decade-old peg against the greenback and shifted to a managed floating exchange rate.
According to data compiled by the China Foreign Exchange Trade System, a sub-institution of the central People's Bank of China, the yuan had soared 29.68 percent as of Wednesday compared to 8.27 yuan per dollar before China allowed the currency to rise or fall by 0.5 percent from the central parity rate established each trading day in its foreign exchange spot market.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market.
Since the beginning of this year, the currency has jumped 3.85 percent.
The yuan has become the fastest growing currency in the past year.
According to HSBC, investment related to the gradual appreciation of the yuan has become an increasingly important part of Hong Kong's wealth creation.
The British bank said that many of Hong Kong's richest 10 percent hold yuan deposits and yuan investments.
ygkim@yna.co.kr
(END)
HONG KONG, Sept. 23 (Yonhap) -- The Chinese currency has risen about 30 percent since 2005, data showed Friday, as other currencies in developed countries grew at a slower pace.
On Wednesday, the yuan hit 6.3772 against the U.S. dollar, the highest since July 21, 2005, when China abandoned a decade-old peg against the greenback and shifted to a managed floating exchange rate.
According to data compiled by the China Foreign Exchange Trade System, a sub-institution of the central People's Bank of China, the yuan had soared 29.68 percent as of Wednesday compared to 8.27 yuan per dollar before China allowed the currency to rise or fall by 0.5 percent from the central parity rate established each trading day in its foreign exchange spot market.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market.
Since the beginning of this year, the currency has jumped 3.85 percent.
The yuan has become the fastest growing currency in the past year.
According to HSBC, investment related to the gradual appreciation of the yuan has become an increasingly important part of Hong Kong's wealth creation.
The British bank said that many of Hong Kong's richest 10 percent hold yuan deposits and yuan investments.
ygkim@yna.co.kr
(END)
