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BEIJING - Impacted by the continuous declining US dollar, the central parity rate of China's currency Yuan broke 7.5 for the first time, opening at 7.4938 to one US dollar on October 24th, according to the Chinese Foreign Exchange Trading System.
China's central bank said yesterday that it is necessary to appropriately increase the regulation and control of its monetary policy, improve the formation mechanism of RMB exchange rate, and promote the RMB capital account to be convertible stably.
Hank Paulson, the treasury secretary of the United States, issued new complaints about the lumbering yuan's appreciation, saying the yuan is significantly undervalued considering China's trade surplus and production basics.
Paulson, pressed China to accelerate the step of Chinese Yuan appreciation. He said it will administer to accomplish the persistent and balanced increasing of Chinese economy.
Analysts said the US dollars fell against the major currencies is the main cause of the Chinese Yuan's continued weakness.
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