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BIZCHINA> Top Biz News
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Chinese yuan rises 12 basis points against dollar
(Xinhua)
Updated: 2009-06-29 13:05 China's currency, the yuan, edged up 12 basis points against the US dollar Monday, after China repeated calls for a new international reserve currency last week.
The currency is allowed to float on the interbank market within a 0.5-percent band, which is set daily by the People's Bank of China (PBOC), China's central bank. The PBOC released its annual financial stability report on Friday and renewed its call for the creation of a super-sovereign currency to replace the US dollar. The decline of the dollar was tempered after Richard Fisher, president of Federal Reserve Bank of Dallas, said Friday the dollar would not be supplanted as the world's leading currency. (For more biz stories, please visit Industries)
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