The Straits Times
Published on Nov 13, 2012

China's yuan hits record high on economic recovery


SHANGHAI (AFP) - China's yuan currency hit a record high against the US dollar on Tuesday, as a recovery in the domestic economy and US political pressure helped the unit strengthen, analysts said.

Trade data released on Saturday lifted confidence in the domestic economy, according to analysts, while an expected US government report on exchange rates may be prompting the central bank to guide the yuan higher.

The yuan touched an intra-day high of 6.2262 to the dollar, according to the China Foreign Exchange Trade System, marking the strongest level since China launched its modern foreign exchange market in 1994.

It also registered a record closing high of 6.2265, firming from Monday's close of 6.2291.