China's yuan hits record high against USD
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China's central bank set the yuan's mid-point at a historic high of 6.4856 against the U.S. dollar on Monday, up 42 basis points from the previous trading day.
The yuan's previous record high was 6.4898 per U.S. dollar, which was set last Friday.
The United States Treasury Department said in its semiannual report that China was not a currency manipulator. "In China, since the authorities decided in June 2010 to allow the exchange rate to appreciate in response to market forces, the renminbi has appreciated by a total of 5.1 percent against the dollar in nominal terms through the end of April 2011, or at an annual pace of approximately 6 percent," said the report on international economic and exchange rate policies.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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