The yuan strengthened to 6.2920 against the U.S. dollar on Monday, setting a half-year high.

The central parity rate grew by 92 basis points on Monday from 6.3012 on the previous trading day, according to the China Foreign Exchange Trading System.

The figure was the strongest since May 9. The central parity rate of the yuan was at 6.2865 on May 9, and even lower, at 6.2804, on May 8.

Monday marked the fifth day running for the central parity rate to rise.

The spot prices of the yuan have been rising to its daily trade limits for ten days. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The sharp appreciation of the yuan came after the monthly trade figures were released on Saturday.

The October trade surplus widened to 31.99 billion U.S. dollars from 27.67 billion U.S. dollars in September and 26.66 billion U.S. dollars in August.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day. Endi