The People's Bank of China set the central parity rate for the yuan at a record high of 7.4251 to the US dollar this morning.
Yesterday the yuan finished at a new high of 7.4421 to the greenback on the over-the-counter (OTC) market, according to the China Foreign Exchange Trade System.
On the exchange-traded market, the yuan also ended at a new high of 7.4415 yesterday.
China loosened the yuan from a long-standing peg of about 8.3 to the dollar in favor of a trade-weighted basket of currencies in July 2005, and has since allowed the yuan to appreciate slowly, but steadily. The rate, however, has appreciated faster in recent weeks.
(Chinadaily.com.cn November 8, 2007)
