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Thread: Chinese yuan breaks 7.5 mark against USD

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[quote=ZOEY,251694]China's official news agency Xinhua News Agency reported on Oct. 24th  that China's Renminbi (RMB) broke the 7.5 mark to reach a new central parity rate of 7.4938 yuan to one U.S.

The yuan, climbing 72 basis points to one dollar from Tuesday, rose a total 3,149 basis points from 7.8087 yuan on the last trading day of 2006.

Tan Yaling, an expert with the Bank Of China, said a weakening dollar and calls from the United States and the Europe that China should allow the currency to appreciate more quickly were "short-term reasons" contributing to the recent rise in value.

Speculation ignited by rising expectations of a stronger yuan also led to the continuous appreciation of the Chinese currency," she said.

The recent appreciation of Chinese currency had little impact on China's domestic market. The roaring price of goods worries the domestic consumers.

The fast appreciation of Chinese yuan is good or bad for China's economy? What do you think?

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