Chinese yuan hits new high against U.S. dollar
Hong Kong - Yonhap
The Chinese yuan surged to a new high against the U.S. dollar on Wednesday, raising market expectations that the currency will appreciate further in the new year. According to the central People's Bank of China, the yuan's central parity rate was set at 6.3001 yuan against the greenback. It was the highest level since July 21, 2005, when China abandoned a decade-old peg against the greenback and shifted to a managed floating exchange rate.
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