China's yuan gains sharply against weakening U.S. dollar

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The Chinese currency, the yuan, rose sharply to a fresh high on Wednesday following an overnight fall of the U.S. dollar.

The central parity rate of the Renminbi (RMB) was set at 6.9597 per dollar, up 183 basis points from a day earlier, according to the China Foreign Exchange Trading System.

Source:Xinhua
Author:china business Time:2008-05-24 From:china daily