The central parity rate of the yuan, China's currency Renminbi (RMB), hit a new high at 6.7172 per U.S. dollar, gained by 9 basis points Friday, extending the Chinese currency's gains to seven consecutive trading days, according to the data released by the China Foreign Exchange Trading System.
The Chinese currency has seen increased volatility since the central bank announced on June 19 this year to increase exchange rate flexibility.
US Treasury Secretary Timothy Geithner called on China to allow significant, sustained appreciation over time in testimony prepared for congressional hearings on China's currency policy.
"Adding pressure will not resolve trade issues between China and the US the country's exchange rate reform will only be pushed forward in accordance with economic conditions and balance of international payments," Foreign Ministry spokeswoman Jiang Yu said at a media briefing.
"Adding pressure will not resolve trade issues between China and the US the country's exchange rate reform will only be pushed forward in accordance with economic conditions and balance of international payments," Foreign Ministry spokeswoman Jiang Yu said at a media briefing.
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