BEIJING Justin Bailey Jersey , Sept. 13 (Xinhua) -- The central parity rate of the Chinese currency, the yuan, continued to weaken against the U.S. dollar after China relaxed control on capital outflows and the dollar rebounded from last week's drop.
The central parity rate of the yuan weakened 105 basis points to 6.5382 against the U.S. dollar, according to the China Foreign Exchange Trade System.
On the previous trading day, the central parity rate of yuan ended a record 11-day rise against the U.S. dollar by weakening 280 basis points.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The U.S. dollar index, a measure of the dollar against a basket of other major currencies, rebounded this week after skidding to a two year low of 91.011 Friday after market worries over geopolitical tensions on the Korean Peninsula and Hurricane Irma eased.
On Tuesday, the dollar index continued to rally to around the 92 level.
China's central bank announced Monday that it had scrapped reserve requirements of 20 percent for financial institutions settling foreign exchange forward yuan positions.
Meanwhile, the central bank's substantial supervision of reserves put aside by foreign financial institutions was also loosened.
The move is expected to make it cheaper for companies and investors to buy dollars while selling the yuan, and thereby help ease the pace of the Chinese currency's recent rally, analysts said.
Huang Zhilong, senior researcher with Suning Financial Research Institute, said it was normal to see a retreat after 11 consecutive daily gains, and the yuan-dollar exchange rate would maintain two-way fluctuations under the current exchange rate formation system.
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RAMALLAH, Sept. 12 (Xinhua) -- The World Bank on Tuesday calledon Israel to improve its procedures at the crossings forPalestinian goods, remove restrictions on access to Area C of theWest Bank and lift the blockade on the Gaza Strip in order toimprove the Palestinian economy.
The World Bank said in a report that adopted a 10-year economicchart to estimate the impact on the Palestinian economy if theongoing restrictions are removed.
It pointed out that economic and social gains could be enormousby 2025. The annual growth rate of the Palestinian economy couldreach 6 percent in the West Bank and 8 per cent in the Gaza Strip,which would create 50,000 and 60,000 new jobs respectively.
To achieve this growth, the World Bank urged Israel, thePalestinian Authority and the international community to create abetter enabling environment to run and support business in thePalestinian territories.
In this regard, the report urged to streamline Israeliprocedures at border crossings. The average trade costs pertransaction for a Palestinian firm are nearly three times as highas for an Israeli firm, and nearly four times for the averageduration of the import process.
The report also called for removing the Israeli restrictions onaccess to Area C which is under the Israeli security andadministrative control. This would enable Palestinian companies tobenefit from the only contiguous territory in the West Bank and itscomparative advantages in agriculture, mining, quarrying andtourism.
Lifting the Israeli blockade imposed on the Gaza Strip sincemid-2007 was also one of the report's proposal, which pointed outthat this will open a way for the critical trade movement torebuild its infrastructure and economy and to improve the poorliving conditions of Gaza's residents.
According to the report, easing Israeli restrictions couldincrease the size of the Palestinian economy by 36 percent in theWest Bank and 40 percent in the Gaza Strip by 2025. Enditem
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