The exchange rate of RMB (yuan) reached a record high on August 31. The rate was 7.9585 yuan to the US dollar, the highest since China's exchange rate was revaluated in July, 2005. It is the third day in a row a new record has been set.

On August 29 and 30 the exchange rate of yuan to the US dollar was 7.9669 and 7.9598 respectively. The price of yuan rose 134 base points in just three days, after August 28.

As of August 31, the yuan has appreciated by more than 1.9 percent. Analysts say that the appreciation of the yuan seems accelerating while the dollar is weak.

By People's Daily Online