China's yuan hit record high against USD on Wednesday
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The central parity rate of the yuan, China's currency Renminbi (RMB), advanced to a record high against U.S. dollar Wednesday.
The central parity rate of the yuan advanced to 6.7715 per U.S. dollar Wednesday from 6.7722 per U.S. dollar Tuesday, according to the data released by the China Foreign Exchange Trading System.
China's central bank announced on June 19 this year that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.
As the RMB has little appreciation margin against U.S. dollar while non-U.S. currencies became stronger, China's currency devalued significantly against non-U.S. currencies since the reform this year.
Compared with June 18, the trading day just before the reform was launched this year, Tuesday's central parity rate of the RMB has climbed 0.82 percent against U.S. dollar while depreciated 5 percent against the Euro and 6 percent against the British Pound respectively.
