China's yuan hits new record high against USD Monday

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The central parity of the Renminbi (RMB), or China's currency yuan, strengthened to 6.7890 per U.S. dollar on Monday, a new record high, according to the data released by the China Foreign Exchange Trading System.

On Friday, the central parity of RMB against the U.S. dollar rose to 6.7896, the highest since China announced to unpeg the yuan from the U.S. dollar in July 2005.

China's central bank announced on June 19 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.