CRI听力:Chinese Currency Gains against Greenback
The central parity rate of the Chinese currency strengthened 175 basis points on Tuesday, closing at 6.32 to the U.S. dollar.
The yuan has stabilized somewhat after a sharp depreciation in August, but remains down 1.8 percent compared to the start of the year.
Major recent announcements have rapidly advanced the cause of the internationalization of the Chinese currency.
On Thursday, the first phase of China's Cross-border Interbank Payment System was launched in Shanghai, allowing financial institutions to enjoy clearing services and capital settlement for cross-border yuan transactions.
On Friday, International Monetary Fund chief Christine Lagarde announced that the IMF was about to complete the assessment of whether the renminbi would join the basket of currencies making up the Special Drawing Rights.
For more on the Renminbi's fluctuations and its current situation, CRI's Shane Bigham earlier spoke with John Ross, senior fellow with the Chongyang Institute for Financial Studies at Renmin University of China.
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