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China's yuan strengthens to record high of 6.5651 per U.S. dollar,[link widoczny dla zalogowanych]
The Chinese currency Renminbi (RMB),[link widoczny dla zalogowanych], or the yuan, on Monday strengthened to an all-time high of 6.5651 per U.S. dollar,[link widoczny dla zalogowanych], according to the China Foreign Exchange Trading System.Monday's central parity rate of the RMB against U.S. dollar was 20 basis points lower than the previous record of 6.5671 set on last Friday.
The yuan has appreciated 3.84 percent since June 19 last year when the People's Bank of China,[link widoczny dla zalogowanych], the central bank, announced it would further reform the exchange rate formation mechanism to improve its flexibility.On China's foreign exchange spot market,[link widoczny dla zalogowanych], the yuan can rise or fall 0.5 percent from the central parity 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 for each business day.
China to "basically eradicate poverty" in 10 years, Wen says
China aims to "basically eradicate poverty" by 2020 while greatly raise its poverty line, in order to help more people in need, Chinese Premier Wen Jiabao said here Sunday.The State Council is drafting a new ten-year poverty-reduction plan (2011-2020), in which the current poverty line of 1,[link widoczny dla zalogowanych],196 yuan per year (about 0.5 U.S. dollars a day) will be greatly raised,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], Wen told a panel meeting of the ongoing session of the National People's Congress (NPC).
The nation will intensify its poverty alleviation efforts through aids and development, focusing on large areas of destitute population, he said to a group of NPC deputies from Gansu, one of the poorest regions in China.According to the United Nations' standard of one dollar per person each day,[link widoczny dla zalogowanych], China still has 150 million people under the poverty line.
Wen said lack of water was the bottleneck for Gansu's social-economic development,[link widoczny dla zalogowanych], urging the province to expand the use of water conservancy technology.Wen also urged the province to coordinate economic development with environmental protection, and reverse environmental degradation in Dunhuang, a historical city with world cultural heritage threatened by decertification.
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