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WASHINGTON, Oct. 10 (Xinhua) -- China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said here on Sunday.Westerners prefer Western medication method that is quick but drastic, while Chinese people prefer traditional Chinese medication that is slower and giving time for different herbs to take effect. A steep rise of Chinese currency yuan would cause harms, Zhou told a group of bankers and reporters during a luncheon speech at the 2010 annual membership meeting of the Institute of International Finance (IIF).Governor of the People's Bank of China (PBOC) Zhou Xiaochuan hosts a press briefing during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., capital of the United States, Oct. 8, 2010. To manage Chinese currency issue is a "complicated art," as you have to take into consideration domestic inflation, unemployment rate, gross domestic product (GDP) growth, balance of payments and other factors, he added.IIF, which represents over 420 world leading financial institutions headquartered in more than 70 countries, host its annual membership meeting in Washington D.C. between Oct. 8 and 10, when the International Monetary Fund and World Bank host their annual meetings in the same time.
BEIJING, Oct. 11 (Xinhua) -- The value of yuan, China's currency Renminbi, hit new high against U.S. dollar Monday as the central parity rate of the yuan was set at 6.6732 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Monday's central parity rate beat the previous record of 6.6830 on Oct. 8.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Monday's central parity, the Chinese currency has strengthened against the U.S. dollar by about 2.26 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.China would continue reform of the formation mechanism of its currency exchange rate to improve its flexibility, but will do so in a gradual way, Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, said in Washington on Sunday.

BEIJING, Sept. 21 (Xinhua) -- The central parity rate of the yuan, China's currency Renminbi (RMB), jumped 113 basis points, or 0.17 percent, Tuesday to a new record high at 6.6997 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.Tuesday's yuan central parity against U.S. dollar beat the previous record of 6.7110 per U.S. dollar on Monday and extended the Chinese currency's gains to eight consecutive trading days.The yuan has picked up its strength against the U.S. dollars and seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.Based on Tuesday's central parity, the Chinese currency has strengthened against the U.S. dollar by 1.87 percent from the rate of 6.8275 per U.S. dollar that was set a day before the PBOC's pledge to increase flexibility.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.According to Tuesday's central parity rates, the yuan's value strengthened against all the currencies within its basket with lower rates.The PBOC released the yuan's central parity rates against a basket of currencies -- the U.S. dollar, the euro, the Japanese yen, the Hong Kong dollar, the British pound and the Malaysian Ringgit.The yuan's parity rate against the euro was set by the central bank at 8.7522 Tuesday, lower from 8.7595 Monday.The yuan's rate against 100 yen was 7.8204 Tuesday, compared with 7.8275 Monday.The Chinese currency soared 814 basis points against the British pound with the central parity rate being set at 10.42 from Monday's 10.5014.The central parity of RMB against the U.S. dollar is based on a weighted average of enquired prices from all market makers before the opening of the market in each business day.The central parity of RMB against the other five currencies is based on the central rate of RMB against the U.S. dollar of the same business day as well as the exchange rates of the five currencies against the U.S. dollar at 9 a.m. (0100 GMT) of the same business day in the international foreign exchange market.
PYONGYANG, Oct. 10 (Xinhua) -- Zhou Yongkang, a senior official of the Communist Party of China (CPC), attended a grand evening gala held to celebrate the 65th anniversary of the Workers' Party of Korea (WPK) on Sunday evening.Zhou, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, secretary of the CPC Central Commission of Political and Legal Affairs, was on a three-day official visit to the Democratic People's Republic of Korea (DPRK).Zhou watched the performance on the Kim Il Sung Square with Kim Jong Il, top leader of the DPRK and other leaders of the DPRK's party and government.Kim Jong Il (3rd R), top leader of the Democratic People's Republic of Korea (DPRK), and Zhou Yongkang (2nd R), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the Political and Legislative Affairs Committee of the CPC Central Committee, watch a grand evening gala held to celebrate the 65th anniversary of the founding of the Workers' Party of Korea (WPK) on the Kim Il Sung Square in Pyongyang, capital of the DPRK, Oct. 10, 2010.There were nearly 100,000 Pyongyang citizens in traditional costumes forming various phalanxes.The performance, which was divided into three parts, showcased, through grand and splendid group dances, the development history of the WPK under the leadership of President Kim Il Sung and General Secretary Kim Jong Il and the DPRK's achievements in economic construction and improving people's living standards in recent years.Zhou arrived here Saturday for a three-day official visit.
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