China's yuan continues to fall against US dollar

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China's yuan continues to fall against US dollar

The picture taken on Sept 24, 2013 shows US dollar notes being counted next to stacks of Chinese 100 yuan banknotes in a bank in Huaibei, eastern China's Anhui province. The STR AFP BEIJING -- Compared to the world's major currencies, the Chinese currency renminbi, or yuan, has posted a stable performance against the rising US dollar so far this year, an official said Friday.

The RMB exchange rate index appreciated by 0.1 percent, which indicates that the RMB remained stable against a basket of currencies. Wang Chunying, spokesperson for the State Administration of Foreign Exchange, said he was a spokesman for the State Administration of Foreign Exchange.

According to Wang Chunying, a spokesman for the State Administration of Foreign Exchange, the RMB exchange rate index appreciated by 0.1 percent, indicating that the RMB remained stable against a basket of currencies.

The US dollar index had risen over 11 percent by July 21. During this period, the euro, the pound, and the yen had fallen between 10 and 17 percent against the dollar, while the yuan had fallen 5.8 percent against the dollar.

In the first half of this year, Chinese enterprises used derivatives, such as forwards and options to manage exchange rate risks, with the total volume exceeding $750 billion, a year-on-year increase of 29 percent.

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The exchange rate risk hedging among Chinese market entities shows their ability to adapt to fluctuations in the RMB exchange rate, Wang said.