Traders on the US side of the pond are glad to know the RMB is gaining in value. The Chinese yuan hit a new high
- 7.8526 to $1.
This means the RMB has increased in value by 3.27% since China reformed the exchange rate system 16 months ago.
Beijing allows the yuan to float against the dollar within a daily .3 percent range from the official parity rate.
China's foreign exchange reserves are climbing by 18.7 billion each month on average for the first nine months of the year. Continue reading...