During early Asian trading on Wednesday, the Chinese yuan rose to a new high of 6.6235 against the US dollar as the People’s Bank of China set the yuan’s central parity rate at a record high of 6.6936.
The central parity rate for the dollar-yuan pair was up from Tuesday’s 6.7051. The domestic currency has been fixed at a record high against the greenback for nine of the past 11 trading days.
The central bank sets the central parity rate, an official reference for daily trading, every morning and allows the currency to fluctuate up to 0.5% from that level.
The yuan has been trading mostly in an upward channel since June 19, when the Peoples Bank of China announced that it would further reform the formation mechanism of the yuan exchange rate to improve its flexibility.
The dollar-yuan pair that finished Tuesday’s North American trading at 6.6950 is presently quoted at 6.6897.