SHANGHAI, Oct 24 (AFP): China's yuan broke through the psychologically crucial 7.5 level to the US dollar for the first time in today morning trading, according to government data.
The central bank set the yuan central parity rate at a record 7.4938 to the dollar, compared with a midpoint of 7.5010 set Tuesday.
"The prospects for achieving sustained, balanced growth in China and in the world economy (would be) much greater, if the Chinese increase the pace of (yuan) appreciation in the short term and implement a fully market-determined currency in the medium term," Paulson said.
On July 21, 2005, China freed the yuan from a long-standing peg of about 8.3 to the dollar in favour of a trade-weighted basket of currencies, and has since allowed it to appreciate slowly, but steadily.
China's yuan breaks through 7.5 to the dollar
FE Team | Published: October 25, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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