Reminbi's Revaluation: Renminbi Rises 2% against US Dollars
BEIJING, July 21 (Xinhuanet) -- China announced Thursday its currency, the RMB yuan, will be traded at a rate of 8.11 to the US dollar starting 19:00 Thursday, and the yuan to US dollar pegging system is switched to a basket of foreign currencies.
Over the past few years, the Chinese yuan has been pegged to the US dollar at the rate of one dollar for 8.27 yuan, the latest move revalues the rate by 2.1 percent.
The central bank said starting from July 21, it will publish the trading rate between the RMB and major foreign currencies at the closing of daily market trading, and the announced rate will be used as the central parity for the following trading day.
The central bank said the move marks the start of building a more resiliently managed floating RMB exchange rate mechanism which is based on market supply and demand and is adjusted in relation to a basket of major foreign currencies.
The announcement said the trading price between the dollar and the yuan at the inter-bank foreign exchange market will float within a 0.3 percent band around the official central parity, while the trading price between the yuan and non-US dollar currencies will float within a certain range around the official central parity.
The central bank will readjust the floating band at appropriate times according to market development conditions as well as economic and financial situations.
"The RMB exchange rate will be more flexible based on market condition with reference to a basket of currencies," the announcement said, claiming that the central bank is responsible for maintaining the RMB exchange rate basically stable at an adaptive and equilibrium level, so as to promote the basic equilibrium of the balance of payments and safeguard macroeconomicand financial stability.
Our Policy
Uniquelychina.com Travel wishes to advise that effective immediately, the prices of our tours quoted in US Dollars will rise by the amount of the revaluation.
Clients who have paid for their tour in full will be unaffected by this prices increase. Uniquelychina.com Travel will honor all prepaid tours irrespective of the date of travel.
We will contact all clients who have paid a deposit to advice of the increase in the cost of their tour which can be paid at the time when the final payment is made for their tour package.
Your Uniquelychina.com Travel Advisor will be happy to assist you with questions or further information.
Before RMB's Potential Revaluation
Uniquelychina.com Travel currently quotes tour prices in US Dollars. We are currently reviewing our policy in this matter.
1. Should a revaluation of the Chinese Renminbi occur, Uniquelychina.com Travel will honor all quotations for tours that have been fully paid at the time of the revaluation.
2. Customers who have not paid for their tour in full at the time of any revaluation will be required to pay the difference between the old and new price calculated in Renminbi.
