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Home  /  Picture of the Day  /  Pic of the Day by Category  /  Economy 财经   /  人民币兑美元18日收盘走高 - RMB to US Dollar Exchange was Closed on a High Rate on the 18th
人民币兑美元18日收盘走高 - RMB to US Dollar Exchange was Closed on a High Rate on the 18th print version
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On the 18th, the RMB to US dollar evaluation system has been closed on a high rate. While China chairman Hu Jintao is set off to leave for a visit in the USA, the RMB value has went up slightly, continuing to establish the highest mark in history. The government has announced that US dollar to RMB reported exchange rate is 6.5891, (6.5897 on the 17th), the dollar to RMB in the final transaction rate is 6.5829, (6.5930 on the 17th).

Yi Gang, director of China's Foreign-Exchange Control Department has said that during the 12th Five-Year Plan, cross-border capital transactions restrictions will be relaxed, while amplifying financial monitoring and analysis system of cross border capital, gradually realizing capital account convertibility of the RMB.

Through receiving the entrust of the People's Bank of China, China currency museum, head corporation office of China's bank note printing companies, undertake together the "fighting the spread of fake money" program, which has been initiated in Beijing. Vice president of People's Bank of China has revealed on the 18th, that in 2010, the entire China banking system took over 4309000 notes of RMB counterfeit money from the circulation, with total denomination adding up to 338000000 Yuan, a drop of 46% compared to 2009. During the capturing of the counterfeit RMB in 2010, counterfeit 100 Yuan money notes occupy the highest proportion, as the 100 notes occupy 71.5% of the total amount of fake notes.

China's Foreign Ministry has stated on January 18th that China's promises to promote reforms in the RMB exchange rate, and stressed that the exchange rate is by no means be a main reason for imbalance in trade between China and the US. The ministry thus hopes that US legislative body members refrain from harming the overall interest in China-US trade.  During the 12th Five Year Plan, the pressure on the flow of China's foreign exchange is still big, and big scale management system of the foreign-exchange reserve is needed in order to improve the situation.

[1] 询价系统 xúnjià xìtǒng - 'Inquiry system', or 'evaluation system', here in the context of evaluation of exchange rate, as conducted in bourses worldwide.

[2] 收盘 shōupán - Closing quotation on exchange.

[3] 官方 guānfāng - Government, government official.

[4] 国家外汇管理局 guójiā wàihuì guǎnlǐ jú - National Foreign Exchange Control Department.

[5] 十二五 shíèr wǔ - 'The Twelve Five Year Plan'. Five Year Plans (中国五年计划) are guidelines given by the NPC and CPPCC, concerning to economical policies and desired developments and their implementation during a five-year period. The first Five Year Plan took place between 1953 and1957. At present, China is entering its twelve 'Five Year Plan' (2011-2015), which so far has yet to be implemented.

[6] 资本交易限制 zīběn jiāoyì xiànzhì - Restrictions on capital trade or transactions.

[7] 资金监测分析体系 zījīn jiāncè fēnxī tǐxì - Financial monitoring and analysis system.

[8] 人民币资本项目可兑换 rénmínbì zīběn xiàngmù kě duìhuàn - Capital account convertibility of the RMB.

[9] 中国人民银行 zhōngguórénmín yínháng - People's Bank of  China, the central bank China. The bank regulated financial institutions and initiates monetary policies within China.

[10] "反假货币展" fǎn jiǎ huòbì zhǎn -  'Opposing (or fighting) the spread of fake money', a new plan which attempts to eliminate fake money.

[11] 金融机构 jīnróng jīgòu- Financial institutions.

[12] 外汇储备wàihuìchǔbèi  - Foreign exchange reserve.

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