China yuan strengthens to new high against USD

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The Chinese currency Renminbi, or yuan, marched to a new high against the U.S. dollar on Wednesday, as the dollar sank after fresh job data pointed to the Federal Reserve not cutting back its stimulus before 2014.

The central parity rate of the yuan strengthened 65 basis points to reach 6.133 per U.S. dollar, the strongest since July, 2005, when the country launched reforms of the exchange rate mechanism, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

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