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BEIJING, Feb. 9 (Xinhua) -- The Chinese currency, or the yuan, rose to a new high of 6.585 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trading System.The central parity rate of the RMB, or the yuan, was 10 basis points higher than the previous record of 6.586 set on Feb. 1, the previous trading day.The yuan appreciated 3.6 percent last year, but some analysts predict it could rise further against the dollar this year as the People's Bank of China (PBOC), the central bank, attempts to cool accelerating inflation.The PBOC announced Tuesday it would raise the benchmark one-year borrowing and lending rates by 25 basis points from Wednesday.On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

BEIJING, April 14 (Xinhuanet) -- The discovery of a sharp-toothed dinosaur fossil in New Mexico, the United States, may bridge a gap in the evolution of the species, researchers said in Wednesday's journal Proceedings of the Royal Society B.Researchers from the Smithsonian Institution unearthed the dinosaur skull and neck vertebrae in Abiquiu, New Mexico, where it had remained buried for around 230 million years. The short snout and slanting front teeth of the find — Daemonosaurus chauliodus — had never before been seen in a Triassic era dinosaur, said Hans-Dieter Sues of the Smithsonian's National Museum of Natural History.Sues, curator of vertebrate paleontology at the museum, said the discovery helps fill the evolutionary gap between the dinosaurs that lived in what is now Argentina and Brazil about 230 million years ago and the later theropods like the famous Tyrannosaurus rex."Various features of the skull and neck in Daemonosaurus indicate that it was intermediate between the earliest known predatory dinosaurs from South America and more advanced theropod dinosaurs," said Sues."One such feature is the presence of cavities on some of the neck vertebrae related to the structure of the respiratory system," he added.The discovery suggests that there is still much to be learned about the early evolution of dinosaurs."The continued exploration of even well-studied regions like the American Southwest will still yield remarkable new fossil finds," Sues said.

BEIJING, Feb. 14 (Xinhuanet) -- The exchange rate against the US dollar is currently at an appropriate level but could fluctuate in the future, Yi Gang, vice-governor of the central bank and head of the State Administration of Foreign Exchange, said on Sunday."In the future, as markets fluctuate and labor productivity changes, the rate will certainly show some fluctuation," he said at a seminar. Last Thursday, the yuan's central parity rate rose to a record high of 6.5849 against the US dollar, after rising for three consecutive trading days, before declining to 6.5952 on Friday.The yuan has appreciated about 3.6 percent against the dollar since mid-June. A report from the US Treasury said earlier that on an inflation-adjusted basis, the appreciation was even higher, at an annual rate of more than 10 percent.US Federal Reserve Chairman Ben Bernanke said last Wednesday that China's recent measures to control inflation by raising interest rates is "surprising" and urged Beijing to let its currency rise in value.Currently the exchange rate is still underestimated by no more than 10 percent, said Lu Mai, secretary-general of the China Development Research Foundation (CDRF).The resilience of exporters to the rising yuan is stronger than previously estimated, which helps to pave the way for more currency reform to liberalize the yuan, he said.In 2007 and 2008, the Chinese currency rose by 7 percent annually against the US dollar, but China's GDP only declined by 0.28 percentage points, with inflation down by 0.42 points and workers' wages up by 0.07 points, according to CDRF research."The figures showed that progressive currency reform since July 2005 was successful, and the government should accelerate the reform and further free the yuan in the next five years to promote healthy, long-term economic development," Lu said.China should keep the proportion of its trade surplus to GDP within 5 percent, and avoid further increasing its huge foreign exchange reserves to allow the currency to settle at a balanced level, he said.China's foreign reserves rose to a record .85 trillion at the end of last year, an 18.7 percent increase year-on-year, according to statistics from the People's Bank of China, the central bank.Yi said he took note of the CDRF findings, but emphasized that further moves depended on both the domestic and international economic situation and appropriate timing.Lu Feng, an economist at Peking University, said now is the right time to deepen currency reform and let the yuan trade at a higher price as inflation is rising.Analysts have predicted that the yuan will appreciate this year as inflation may see the government opt for a rising yuan to lower the cost of purchasing international commodities.Lian Ping, chief economist at the Bank of Communications, predicted the yuan would rise by 5 to 7 percent in 2011.

SHANGHAI, Feb. 8 (Xinhua) - Shanghai World Expo authorities said that about 300,000 tourists have visited the China Pavilion of the expo during the seven-day Spring Festival holiday, as of Tuesday evening.Daily peak was recorded at 48,000 visitors, authorities said late Tuesday.The China Pavilion had been adorned with a new logo of a rabbit and two carrots to mark the country's Lunar New Year celebrationsMore than 1,500 staff, police and volunteers were assigned to the China Pavilion to ensure public safety during the holiday.The organizers also sold tickets in advance and extended opening hours to accommodate the large number of visitors.Overseas and domestic tourists from outside Shanghai comprised 70 percent of the total visitors during the holiday, according to a survey by the organizer.The China Pavilion of the Shanghai World Expo had reopened on December 1, 2010 and will remain open to the public until the end of May this year.

LOS ANGELES, April 12 (Xinhua) -- With the help of NASA Telescopes, astronomers have uncovered one of the youngest galaxies in the distant universe, with stars that formed 13.5 billion years ago, the Jet Propulsion Laboratory (JPL) announced on Tuesday.The finding addresses questions about when the first galaxies arose, and how the early universe evolved, JPL noted in a press release.Infrared data from both the Hubble Space Telescope and the post- coolant, or "warm," phase of NASA's Spitzer Space Telescope mission revealed that the galaxy's stars are quite mature, which means they must have formed when the universe was just a toddler, said JPL in Pasadena, Los Angeles.This challenges theories of how soon galaxies formed in the first years of the universe and could even help solve the mystery of how the hydrogen fog that filled the early universe was cleared, according to astronomers involved in the study.This galaxy is not the most distant ever observed, but it is one of the youngest to be observed with such clarity, JPL said.Normally, galaxies like this one are extremely faint and difficult to study, but, in this case, nature has provided the astronomers with a cosmic magnifying glass, JPL said.The galaxy's image is being magnified by the gravity of a massive cluster of galaxies parked in front of it, making it appear 11 times brighter. This phenomenon is called gravitational lensing."Without this big lens in space, we could not study galaxies this faint with currently available observing facilities," said Eiichi Egami of the University of Arizona in Tucson. "Thanks to nature, we have this great opportunity to see our universe as it was eons ago."The findings may help explain how the early universe became " reionized," according to JPL."Seeing a galaxy as it appeared near the beginning of the universe is an awe-inspiring feat enabled by innovative technology and the fortuitous effect of gravitational lensing," Jon Morse, NASA's Astrophysics Division director at the agency's headquarters in Washington, said in the release."Observations like this open a window across space and time, but more importantly, they inspire future work to one day peer at the stars that lit up the universe following the big bang."