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Chinese Yuan At 5-day High Against US Currency 92 days ago
(RTTNews) - The Chinese Yuan that closed Friday's North American session at 6.8284 against the US dollar climbed to a 5-day high of 6.8269 during Monday's early Asian trading. On the upside, 6.825 is seen as the next target level for the Chinese currency.
The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8273.
The Chinese currency "has depreciated in real effective terms in tandem with the U.S. dollar and remains significantly undervalued from a medium-term perspective," the IMF said on November 07.
China has kept the exchange rate at about 6.83 to the dollar since July 2008, after letting the currency strengthen 21 percent in the previous three years. Appreciation was halted to help sustain exports amid a global recession.
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