Bank of Chinas dollar purchase quote dips below 8 yuan
The price quotation of the Bank of
China to buy one US dollar hit 7.9997 yuan today (November 25), which is the first time the price traveled lower than 8 yuan.
However, the base price of the US dollar against the yuan was 8.0805, still above the level of 8.08 yuan. In other currencies, the yuan traded at 9.5638 per Euro and 6.8123 per 100 yen.
The yuan has strengthened nearly three percent against the basket of currencies used as a measure since Beijings exchange rate reform of July 21. Against individual currencies, the yuan has gained only 0.364 percent against the dollar, but more than ten percent against the yen and the euro.
SteelOrbis Shanghai