Yuan hits new record high

The Chinese currency renminbi or yuan strengthened 26 basis points to 6.1575 against the US dollar on Thursday, hitting a record high since the reform of China's exchange rate regime, according to the China Foreign Exchange Trading System.

This is the 24th time that the value of the yuan has reached a new high this year.

The value of yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate is based on a weighted average of prices.