Yuan Hits New High against U.S. Dollar

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    China's currency, the yuan, hit a new high against the U.S. dollar on Thursday at 7.5410 yuan to one U.S. dollar, according to the Chinese Foreign Exchange Trading System.
    The central parity rate of the yuan, also known as Renminbi (RMB), stood at 7.5410 yuan to one U.S. dollar on Thursday, gaining 136 basis points from Wednesday's reference rate of 7.5546 to the greenback.
    It is the 57th time since the beginning of this year that RMB reached a new high against the U.S. dollar. It climbed 2,677 basis points, or 3.428 percent, from 7.8087 yuan to one U.S. dollar posted on the last trading day of 2006.
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