Yuan hits new high against US dollar

China’s currency, the yuan, hit a new high aginst US dollar to break the 7.38 mark on Tuesday, with the central parity rate standing at 7.3797 yuan aginst one dollar, according to the Chinese Foreign Exchange Trading System.

The yuan climbed 156 basis points from the previous trading of 7.3953 yuan against one dollar.
The previous record, 7.3942 yuan against one dollar, was set on November 26.

As of Tuesday, the Chinese currency has climbed 4,290 basis points, or 5.49 percent, from 7.8087 yuan against one US dollar posted on the last trading day of 2006.

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