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MNI: Yuan Parity Set At 6.7671; Biggest Daily Drop Since 2005

     BEIJING (MNI) - The People's Bank of China set the yuan central parity rate
at 6.7671 on Friday, dropped dramatically from Thursday's 6.7066. The drop of
605 pips has marked the biggest daily drop since the foreign exchange reform in
July, 2005. 
                      USD-CNY  EUR-CNY  JPY-CNY
-----------------------------------------------
Today's fixing         6.7671   7.8759   6.0181
Prev. fixing           6.7066   7.8090   5.9466
Prev. official close   6.7734       --       --
%Chg y/y                -0.26    -1.26    +0.25
%Chg since Jan. 1       -3.86    -0.71    -4.07
%Chg since July '05    +22.30       --       --
     - PBOC started setting daily central parity rates on Jan 4, 2007.  
- On July 21, 2005, China switched to a managed float against a basket of
currencies, freeing the yuan's peg to the dollar.  
- Since March 17, 2014, the yuan has been allowed to move 2% on either side of
the daily fixing against the dollar.
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com
--MNI Singapore Bureau; +65 8233 2326; email: Asia-Editor@marketnews.com
[TOPICS: MTABLE,M$A$$$,M$Q$$$,MN$FX$]

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