Yuan at record high versus dollar after Treasury report

Monday, May 30, 2011

Yuan at record high versus dollar after Treasury report

China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated.

Yuan and dollar notes
The yuan's pricing has been a contentious issue between China and the developed economies

The People's Bank of China (PBOC) fixed the yuan's mid-point at an all time high of 6.4856 against the US dollar on Monday.
China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.
China is the world's biggest exporter.

By BBC