The reference rate of the renminbi, or yuan, was fixed at 7.9598 against the greenback yesterday.The rate is set by the central bank each day as the central parity for foreign exchange trade.
中央银行昨日公布的人民币兑美元参考汇率为7.9598，此汇率为外汇交易的中间价，由央行每日公布。
2
The reference rate of the renminbi, or yuan, was fixed at 7.9598 against the greenback yesterday. The rate is set by the central bank each day as the central parity for foreign exchange trade.
中央银行昨日公布的人民币兑美元参考汇率为7.9598，此汇率为外汇交易的中间价，由央行每日公布。
3
Then work out the real exchangerate of Renminbi by adjusted purchasing power parity and analyze the nominal exchangerate, subsidy and wage policy's effects on real exchange rate respectively.