China's yuan hits news high against USD Monday

     BEIJING, May 9 (Xinhua) -- The Chinese currency renminbi (RMB), or the yuan, Monday gained 15 basis points from the previous(以前的) trading day to hit a new high of 6.4988 per U.S. dollar.

    The yuan first broke the symbolic¹ 6.50 ratio against the U.S. dollar on April 29, when it was set at 6.4990.

    The yuan exchange rate has appreciated(欣赏,感激) by almost 1.9 percent against the dollar since the start of this year.

    It has also risen by nearly 5 percent against the greenback since June 19 of last year, when the People's Bank of China, the central bank, announced that it would make its exchange rate formation mechanism² more flexible.

    Su Guojian, CCB International Research Managing Director, said a weak dollar is the main reason the yuan has kept appreciating against the dollar recently.

    As the third round of the China-U.S. Economic and Strategic³ Dialogue opens Monday and Tuesday in Washington DC, it is expected the renminbi exchange rate will be one of the issues on the agenda⁴.

    On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity⁵ rate each trading day.

    The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.(本文由在线英语听力室整理编辑)

1 symbolic   

adj.象征性的，符号的，象征主义的

参考例句：

• It is symbolic of the fighting spirit of modern womanhood.它象征着现代妇女的战斗精神。
• The Christian ceremony of baptism is a symbolic act.基督教的洗礼仪式是一种象征性的做法。

2 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

3 strategic   

adj.战略（上）的，战略上重要的

参考例句：

• The army moved for strategic reasons.军队作了战略转移。
• The bridge is of strategic importance to us.这座桥对我们至关重要。

4 agenda   

n.议事日程，记事册

参考例句：

• We now proceed to the next item on the agenda.我们现在着手讨论下一项议题。
• If there is no objection,the agenda is adopted.如果没有意见，议程就通过了。

5 parity   

n.平价，等价，比价，对等

参考例句：

• The two currencies have now reached parity.这两种货币现已达到同等价值。
• Women have yet to achieve wage or occupational parity in many fields.女性在很多领域还没能争取到薪金、职位方面的平等。