The value of the Renminbi (RMB) against the US dollar hit a new high on Wednesday, with the central parity rate at 7.6488 yuan to one dollar, breaking the 7.65 mark.

The yuan has kept hitting new highs after the People's Bank of China, or the central bank, announced on May 18 to allow the yuan to fluctuate against the dollar by 0.5 percent a day, up from 0.3 percent.

The yuan has appreciated by more than 7.5 percent since July 2005, when the Chinese government launched the reform of the exchange rate system.

(Xinhua News Agency May 30, 2007)