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(Xinhua)
Updated: 2008-01-23 11:41

China's currency, the yuan, rose sharply against the US dollar on Wednesday following overnight huge key interest rate cut in the United States.

Related readings:  Yuan continues to hit new high against US dollar  Faster rise of yuan  Yuan's rise less good, more bad for people  China's yuan breaks 7.25 mark against US dollar

The US Federal Reserve slashed the benchmark federal funds rate by 0.75 percentage point to 3.5 percent, in an emergency attempt to ward off rising fears of US recession.

The rate cut has prompted the US dollar to fall sharply against other major world currencies.

The central parity rate of the yuan, known as renminbi (RMB), jumped by 206 basis points to 7.2350 yuan to one US dollar, according to China Foreign Exchange Trading System.

The sharp appreciation prompted the RMB to hit the highest after it was revalued with the ending of its peg to the US dollar in July 2005. To date, it has appreciated more than 12 percent against the greenback.