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The renminbi yesterday strengthened to below 7.90 against the US dollar.
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The renminbi yesterday strengthened to below 7.90 against the US dollar, partially1 because of growing speculation2 that the government will soon expand the band within which the currency is allowed to fluctuate.
The daily benchmark, or the central parity3 rate for the US dollar, was set at 7.8998 yuan yesterday, the first time that the currency crossed the psychological barrier of 7.90 since last July's revaluation, according to the Shanghai-based China Foreign Exchange Trade System.
China discarded the renminbi's direct peg4 to the US dollar in July last year, switching to a mechanism5 that sets the exchange rate on a basket of world currencies such as the greenback, the euro and the Korean won.
Under the new regime, the yuan is allowed to fluctuate 0.3 per cent per day either way of the reference rate, which is set by the central bank.
The renminbi appreciated to 7.9982 yuan against the US dollar on May 15, the first time that the currency fell below 8 in 12 years. Since then, the appreciation6 has gained pace, leading to growing calls for expanding the daily trading band .
"The recent appreciation was largely triggered by the growing speculation that the authorities are likely to widen the daily trading band," said Li Yongsen, an economist7 with Renmin University of China.
"However, the fundamental reasons behind the currency appreciation still remain the same: pressure from the foreign exchange reserves and mounting trade surplus," the economist said.
By Zheng Lifei (China Daily)
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9月28日，人民币兑美元汇率首次突破7.9元关口，这和不断增多的关于政府不久将扩大人民币汇率浮动空间的各种猜测有关。
据上海外汇交易所介绍，昨天，央行公布的参考汇率（也就是人民币兑美元汇率中间价）为7.8998，这是自去年7月人民币升值以来，人民币兑美元汇率首次突破7.9的心理关口。
在去年7月进行的汇制改革中，中国取消人民币钉住美元的汇率机制，转而实行参考包括美元、欧元和韩元在内的"一篮子"货币政策。
在新的汇率体制下，人民币汇率可以围绕央行公布的参考汇率每天上下浮动0.3个百分点。
今年5月15日，人民币兑美元汇率12年来首次破8，升至7.9982元。从那时起，人民币升值速度加快，要求扩大每日交易波幅的呼声也不断增高。
中国人民大学的经济学家李永森说："新一轮人民币升值主要和不断增多的关于政府可能将扩大每日交易波幅的猜测有关。"
他说："但是，人民币升值的根本原因主要还是来自外汇储备的压力和不断扩大的贸易顺差。"
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