China's currency has grown more flexible with its central parity rate having gained 10.19 percent accumulatively against the US dollar as of September 30, according to statistics released at the 17th National Congress of the Communist Party of China yesterday.
China scrapped its decade-long peg to the greenback in July 2005 and linked it to a basket of currencies. The yuan is now allowed to rise or fall 0.5 percent a day against the US dollar.
The central parity rate yesterday was 7.5136 yuan against one US dollar, up slightly from Monday.
China insists the revaluation of the yuan must be gradual to maintain the country's stability economically.
In a keynote speech to the Party congress on Monday, President Hu Jintao said China would improve the yuan exchange rate system and gradually make the yuan convertible under the capital account.
