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January 5, 2006
New Value For Chinese Yuan

After revaluation of the Chinese Yuan, the currency closed at 8.0675, as opposed to the 8.0702 it was previously trading at. The new value for the Yuan was determined after reviewing quotes from the commercial banking sector.

The Yuan has been known to fluctuate over a 0.3 percent range, and has grown 0.52 percent since the middle of summer. During this time the Chinese government appreciated the Yuan to 8.11, which was a 2.1 percent gain.

HSBC was one of the few banks chosen to submit quotes on the price of the Yuan. Its CEO Richard Yorke is quite pleased with the new value of Yuan, as he feels the new system being implemented by China is “highly efficient and smooth”. Against the Euro, the Yuan is fixed at 9.7091.


Filed in: in Chinese Yuan (RMB)




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