SteelOrbis Shanghai
On January 2, the China Foreign Exchange Trade System (CFETS) announced that the average RMB/USD exchange rate reached 7.2996, achieving a new record on the first trading day of 2008 for the period since the exchange rate reform was introduced in July 2005. Based on the exchange rate of 8.11 during the 2005 exchange rate reform, the RMB appreciation range now totals 10 percent. The exchange rate before the reform was fixed at 8.11 RMB for 1 US dollar.
The RMB exchange rates of other major currencies are as follows:
€1 = RMB 10.6611
£1 = RMB 14.4904