China's yuan hits new record high at 6.6229 per USD
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After 10 consecutive days of gaining, the Chinese currency yuan, also known as the Renminbi (RMB), strengthened to a new record high at 6.6229 per U.S. dollar Thursday.
After jumping 18 basis points from Wednesday's 6.6247, the central parity rate of the renminbi beat the previous record of 6.6239 on Nov. 12, according to the China Foreign Exchange Trading system.
China's central bank announced on June 19 this year that it would further reform the formation mechanism of the yuan exchange rate to improve its flexibility.
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