Chinese yuan at highest currency exchange rate for 5 years

The Chinese government has moved to set the currency exchange rate of the yuan at its highest level in five years.

Coming just days after officials stated that they would work to make the yuan more flexible, the country's government set the central parity rate at 6.789 against the US dollar.

This represents the highest rate since July 2005 and is despite the fact that China had stated that it would not rush to allow the yuan to appreciate like many global leaders would like.

However, the BBC has reported that the Chinese government has ruled out making a "large one-off move" to adjust the yuan's value anytime soon.

Meanwhile, in Israel, the governor of the country's central bank, Professor Stanley Fischer, this week opted to keep the national interest rate stable at 1.5 per cent.

The decision prompted the shekel to grow in value against the US dollar on the international currency exchange markets.

Posted by Chris Barber

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