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China scraps yuan peg to US dollar
(newsphoto)
Updated: 2005-07-22 11:24
A staff worker with the China Minsheng
Bank counts US dollar notes in Nanjing, East China's Jiangsu
Province, Friday, July 22, 2005. The People's Bank of China, the
central bank, announced to scrap the yuan's decade-old peg to
the U.S. dollar, and in stead phase in a flexible mechanism of the
yuan exchange rates by taking into account of a basket of major world
currencies. The exchange rate of yuan
vs U.S. dollar was announced at 8.11 vs 1 on
Thursday.[newsphoto] |
![A staffer from China Minsheng Banking Corp Ltd counts RMB and US dollar notes in Nanjing, East China's Jiangsu Province, July 22, 2005. Chinese shares went up on Friday morning, which was spurred by the readjustment of the exchange rate of the Chinese currency, Renminbi(RMB) or yuan. China on Thursday revalued the yuan by 2.1 percent and left the door open to further rises by abandoning the currency's decade-old peg against the US dollar. [newsphoto]](xin_48070222112683470768.jpg)
A staff worker with the China Minsheng Bank
counts RMB notes in Nanjing, East China's Jiangsu Province, Friday, July
22, 2005.[newsphoto] |
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