Yuan opens at post-revaluation high against US dollar
Ap, Shanghai, China
China's currency began trading Monday at a post-revaluation high against the US dollar, as local banks sold some of their excess dollar positions after the lunar New Year holiday, traders said.The US dollar opened at 8.0560 yuan on the automatic price-matching system. The dollar last traded in Shanghai at 8.0616, on Jan 27. On the over-the-counter market, the dollar opened at 8.0555, the lowest trading level since a July 21 revaluation. The last OTC trade on Jan 27 was at 8.0623. The first trade took place about 15 minutes after the market opened as traders were surprised by the low opening rate posted for Monday. The opening rate for the yuan, known as the dollar/yuan central parity, is set according to a weighted average of prices submitted by designated banks. The highest and lowest offers are excluded from the calculation.
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