China's Yuan hits new high against US $

The Chinese currency Renminbi, or the yuan, strengthened 42 basis points to an all-time high at 6.4856 per US dollar on Monday, according to the China Foreign Exchange Trading system. The yuan's fresh central parity rate scrapped the previous record of 6.4898 per US dollar set on last Friday. On China's foreign exchange spot market, the yuan can rise or fall 0.5%from the central parity rate each trading day, according to ''Xinhua'' news agency. The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.