China yuan hits new high against USD

时间：2007-07-17 01:30:27

（单词翻译:单击）

BEIJING, July 16 - China's currency, the yuan, hit a new high against the U.S. dollar on Monday, according to the Chinese Foreign Exchange Trading System.

 

The value of the yuan, or RMB, went up 50 basis points from last Friday's 7.5731 against the U.S. dollar to open for trade on Monday at 7.5681, the highest rate since the yuan was revalued by 2.1 percent from 8.28 yuan in July 2005.

 

It is the 51st time that the yuan's value has hit a record this year, climbing by 2,406 basis points from 7.8087 on the last trading day of 2006.

 

Market observers said the yuan was brought under pressure, with the United States complaining a slow appreciation1 gave Chinese exporters unfair trading advantages.

 

China's customs authorities said the country's monthly trade surplus hit a new high of 26.91 billion U.S. dollars in June, up 85.5 percent over the same month last year.

 

This was mainly because domestic companies, whose export tax rebates2 were cut on July 1, were rushing exports, said Huang Guohua, senior analyst3 with the General Administration of Customs.

 

The government announced on June 19 it would cut or eliminate export tax rebates for 2,831 commodities from July 1 in an attempt to "suppress overheated export growth and ease frictions4 between China and its trade partners".

 

With June's consumer price index, China's inflation rate, predicted to remain above three percent, the market expectation for an interest rate hike had also pushed up the yuan's value, according to the observers.

 

The People's Bank of China, the central bank, said in May thatit would allow the yuan to fluctuate against the U.S. dollar by 0.5 percent a day, up from 0.3 percent.

 

On Monday, the central parity5 rate of RMB against the euro stood at 10.4296, up 54 basis points from Friday level, while yuan's value against the Japanese yen6 went down 232 basis points to 6.2003 yuan against 100 yen.

 
分享到：


点击收听单词发音收听单词发音  

1 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
2 rebates 5862cab7436152bb9726585397fb1db9     
n.退还款( rebate的名词复数 )；回扣；返还（退还的部份货价）；折扣
参考例句：
  • The VAT system offers advantages, such as rebates on exports. 增值税有其优点，如对出口商品实行回扣。 来自辞典例句
  • In more recent years rate rebates have been introduced for households. 近年地方税的减免已适用于家庭。 来自辞典例句
3 analyst gw7zn     
n.分析家，化验员；心理分析学家
参考例句：
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
4 frictions c3b12b9aeb795425cb3a97ab92bf2232     
n.摩擦( friction的名词复数 )；摩擦力；冲突；不和
参考例句：
  • Family frictions can interfere with a child's schoolwork. 家庭中的争吵会影响孩子的学业。 来自《简明英汉词典》
  • As far as we are concerned, these frictions are not of our own making [have been imposed on us]. 就我们来说，这种摩擦是被动式的。 来自《现代汉英综合大词典》
5 parity 34mzS     
n.平价，等价，比价，对等
参考例句：
  • The two currencies have now reached parity.这两种货币现已达到同等价值。
  • Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。
6 yen JfSwN     
n. 日元；热望
参考例句：
  • He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
  • He has a yen to be alone in a boat.他渴望独自呆在一条船上。

©2005-2010英文阅读网