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The value of the Renminbi (RMB) yuan against the U.S. dollar hit a new high Wednesday, with the central parity rate at 7.8226 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.

 

The appreciation followed previous records on Dec. 4 when the central parity rate reached 7.8240.

 

The exchange rate was about 8.28 yuan per U.S. dollar for quite a long time before China's reform of the exchange rate system on July 21, 2005.

 

The government launched the reform in July last year to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate.

 

China's foreign exchange reserves were on the track to hit US$1 trillion after climbing to US$987.9 billion by the end of September, with a monthly average increase of US$18.7 billion for the first nine months.

 

(Xinhua News Agency December 6, 2006)