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Chinese RMB climbs to new high against USD - 2008-2-18

China's Renminbi (RMB) climbed 54 basis points to break the 7.14 mark on Monday, according to the Chinese Foreign Exchange Trading System. This was the 80th new high the yuan has hit since the beginning of last year, up more than 6.6 percent accumulatively.

The accumulative appreciation since July 21, 2005, when China discontinued yuan's peg to the greenback, has exceeded 10.7 percent. The yuan would still maintain a slow and stable appreciation trend, according to a report by Tuesday's China Securities Journal.

The weak performance of the dollar in the international market last Friday also gave a spur to the yuan's appreciation, said the report. Last week, the US Treasury Department released a report determining that China was not manipulating its currency to gain unfair trade advantages.

The twice-yearly report came after China and the United States had their third round of Strategic Economic Dialogue in Beijing from December 12 to 13.

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