The value of the Renminbi (RMB) yuan against the US dollar hit a new high on Monday with a central parity rate of 7.7938 yuan to one dollar, according to the Chinese Foreign Exchange Trade System.

 

The new high follows a previous record of 7.7977 yuan to one dollar last Thursday, breaking the 7.8 mark for the first time.

 

Monday's exchange rate also marked a new high of 0.99945 yuan per Hong Kong dollar.

 

The RMB has risen by nearly 4.06 percent since China's reform of the exchange rate system on July 21, 2005, which allowed the yuan to float against the US dollar within a daily 0.3 percent band from the official central parity rate.

 

(Xinhua News Agency January 15, 2007)