Money

Yuan hits 5-year high against USD

(Xinhua)
Updated: 2010-06-25 10:14

BEIJING - The yuan Friday jumped to the strongest against the US dollar since July 2005 after China's central bank vowed to make foreign exchange regime more flexible.

The central parity of RMB against the US dollar rose to 6.7896 Friday, 0.3 percent higher than Thursday's 6.8100, according to data released by the China Foreign Exchange Trading System.

China's central bank announced over the weekend it would push forward reform of the Renminbi exchange rate to make it more flexible, but ruled out a one-off revaluation.