The conversion price of the US dollar against the RMB in the Bank of China was 6.5855 Yuan against one US dollar on February 16, 2011.
Therefore, as per the formula, the exchange rate of import and export tariffs will be calculated as 6.5855 Yuan for one US dollar in March 2011.
As per a notification published on October 30, 2005, the applicable tax rate for monthly imports and exports of goods is the foreign exchange conversion price of the Bank of China on the third Wednesday of the previous month.
Fibre2fashion News Desk - China
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