Yuan hits record high vs US dollar, breaks psychological resistance level

SHANGHAI (REUTERS) - China's yuan traded at 6.0997 per US dollar on Wednesday morning, setting a new record against the greenback for the third consecutive day, and also broke through the psychologically important resistance level of 6.1 per US dollar.

The currency continued to rise and was trading at 6.0979 several minutes later, a new record.

Traders and economists had previously predicted the central bank would not allow the currency to trade stronger than 6.1 per US dollar.

The central bank has the ability to guide the spot yuan's trading range upward or downward through its daily official midpoint setting.