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Yuan hits new high against US dollar
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China's currency, the yuan, on Thursday broke the 6.85-mark to set a new high against the U.S. dollar since the country unpegged its currency from the greenback in July 2005.

The central parity rate of the yuan, or Renminbi (RMB), was set at 6.8489 yuan against the dollar, according to the China Foreign Exchange Trading System. The reference rate was up 143 basis points from the previous trading day.

The yuan has risen more than 6.65 percent against the U.S. dollar so far this year, in comparison with the 6.9-percent gain last year, and has broken its own record value 52 times.

Market observers attributed Thursday's appreciation to increased pressure on the U.S. dollar after oil price tilted back upwards and aggravated political concerns triggered by Iran's missile tests and an attack against the U.S. embassy in Turkey.

Thursday also saw the Renminbi lost 218 basis points against the euro to 10.7723 yuan and 189 basis points against 100 Japanese yen to 6.408 yuan.

(Xinhua News Agency July 10, 2008)

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