RMB reaches 15th record high against US dollar

China’s yuan continues its bull run against the US dollar. On Tuesday, the Chinese yuan hit its upper limit of its trading band once again, coming in at 6.2297 to the greenback, the fifteenth record high since late October. Today, the yuan retreating back off of yesterday’s highs, but still advancing 18 pips from its set mid-point to 6.2908 against the U.S. dollar.

As the yuan sees more two way flexibility, China’s central bank governor, Zhou Xiaochuan says pushing forward the convertibility of the yuan on the capital account requires a proper balance of various interests involved. It also requires maintaining flexibility in the exchange-rate policy based on the domestic and international economic situation, which also includes taking temporary and special measures if necessary.

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