BEIJING Mattias Janmark Womens Jersey , Sept. 11 (Xinhua) -- The central parity rate of the Chinese currency, the yuan, strengthened for the 11th consecutive working day to a fresh high against the U.S. dollar Monday.
The central parity rate of the yuan strengthened 35 basis points to 6.4997 against the U.S. dollar, breaking the psychologically important 6.5 barrier for the first time since May 2016 Radek Faksa Womens Jersey , according to the China Foreign Exchange Trade System.
It is the longest continuous daily rising sequence since 2005.
The adjustment came after a rise of 237 basis points Friday and 42 basis points Thursday. The rate fell below 6.6 on Sept. 1, the first time since June last year.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
The yuan has appreciated by 6 percent in cumulative terms against the dollar since the beginning of the year due to the weakening greenback and steady expansion of the Chinese economy.
The dollar index against a basket of six major currencies was 0.2 percent higher at 91.524 Monday after skidding to a two year low of 91.011 Friday.
"The appreciation of the RMB against the U.S. dollar this year has been driven by a combination of U.S. dollar weakness, China's tighter management of capital outflows John Klingberg Womens Jersey , reduced risk of large scale U.S.-China trade war, and improved economic performance and market sentiment on China," said UBS economist Wang Tao in a research note.
China's economy expanded 6.9 percent in the first half, well above the target of around 6.5 percent for the year.
Its manufacturing activity expanded for the 13th consecutive month in August Dan Hamhuis Womens Jersey , providing fresh evidence of a firming economy.
China's forex reserves rose for the seventh month in a row in August to 3.092 trillion U.S. dollars, increasing 10.8 billion dollars from a month earlier.
While recent weakness of the U.S. dollar and market sentiment have strengthened the yuan, Xie Yaxuan with China Merchants Securities saw little possibility for the yuan's continued rally.
"From a medium-term perspective, the yuan will not go through a unilateral rally Authentic Jason Spezza Jersey , and the yuan-dollar exchange rate will probably achieve two-way fluctuations with improving flexibility," Xie said.
People visit the exhibition stand of CRRC Corp., a new conglomerate formed by the merger of China's top two high-speed rail makers, China North Railway (CNR) and China South Railway (CSR) Authentic Alexander Radulov Jersey , at the UrTran 2015 International Urban Rail Exhibition in Beijing, capital of China, June 16, 2015. (Xinhua)
BEIJING， Aug. 20 (Xinhua) -- China CRRC Corporation Ltd.， the country's largest rail transportation equipment maker， announced Saturday its first joint venture plant in India started operation.
It is the first time for the company to open a plant in south Asia where one of the world's most comprehensive rail system spans.
CRRC is also the first foreign company to set up assembly line of rail transportation equipment in India after Prime Minister Narendra Modi unveiled his ambitious "Made in India" campaign in 2014， the company said in a press release.
The joint venture， named CRRC Pioneer (India) Electric Co. Ltd.， is housed in Bavo Industrial District of Haryana between New Delhi and Bombay.
Total investment is 63.4 million U.S. dollars， and the Chinese side holds 51 percent of the share.
The India plant will repair and manufacture railway locomotive engines. It will also provide technology support to India's rail system， and supply electric transmission systems to oil drilling， wind power generation and mining equipment making in India.
CRRC Vice President Yu Weiping said the new plant will create jobs and tax revenue for local people and help improve infrastructure.
It will advance cooperation in industrial capacity and local equipment manufacturing， he added.
India has one of the world's largest railway network spanning about 64，000 kilometers. Since its presence in the Indian market in 2007， CRRC has supplied it with subway trains， locomotive engines and other railway vehicles and parts.
"Given more than 60，000 kilometers of railways in India， it is far from enough to build a single locomotive engine plant in India，" Yu Weiping said.
"CRRC will build more plants able to produce trains， locomotive traction systems and other key parts in India，" he added.
CRRC， formed from the merger of former rivals CNR Corp. and China CSR，has been aggressively reaching out to overseas markets， exporting rail transportation equipment to 101 countries and regions.
Its first plant in North America started operation in September 2015 in Massachusetts， the United States.
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