The renminbi (RMB), China's official currency, set a new high for the second day to a ratio of 6.4536 yuan per US dollar on Thursday.
Foreign PE companies keen on tapping growing market for renminbi funds
The revaluation of the yuan will not be an effective weapon against inflation but rather a consequence of growing inflationary pressure.
The increasing number of bachelors in China limits appreciation of the yuan more than government officials do, according to a Columbia University economist.
US Federal Reserve Chairman Ben Bernanke said on Wednesday China's recent measures to control its inflation by raising interest rates is "surprising" and urged Beijing to let its currency rise.
The year 2010 was bumpy for Sino-US relations. On the political front, the United States has been irritated by what it sees as an "overly confident" China.
China will increase the flexibility of its yuan exchange rate and further push forward the opening-up of its financial markets, a senior central bank official said Friday.
A lot has changed since the day that King George III sent an envoy to congratulate Emperor Qianlong on his 80th birthday. It marked the beginning of a formal East-West diplomatic relationship, although King George’s real agenda was trade and permission for missionaries to preach Christianity in China.
The yuan fell to a three-week low against the greenback on Wednesday, a drop analysts said will help the country's exporters if it continues.