| RMB exchange rate against U.S. dollar rebounds |
BEIJING, March 13 (Xinhua) -- The value of Renminbi (RMB) against the U.S. dollar breaks the 7.74 mark again on Tuesday with a central parity rate of 7.7396 yuan to the dollar, according to the Chinese Foreign Exchange Trading System.
The value of the currency rose to 7.7386 yuan to one U.S. dollar last Thursday, but then fell back.
The RMB value has risen more than 6 percent since July 21, 2005, when the government launched the reform of exchange rate system to allow RMB to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate.
The exchange rate was set at about 8.27 yuan per U.S. dollar before the reform.
RMB exchange rate might appreciate by 5 percent in 2007, according to the latest report composed by more than 80 economic analysts with Xinhua Economic Information Department.
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