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The Chinese yuan, or Renminbi (RMB), rose to 7.73 per U.S. dollar on Thursday, a new record high.

Renminbi rose to 7.73 per U.S. dollar on Mar 29, 2007, a new record high. The RMB has appreciated by 4.91% since China introduced exchange rate reform on July 21, 2005. [newsphoto]

The RMB has appreciated by 4.91 percent since China introduced exchange rate reform on July 21, 2005, dropping the decades-old peg to the U.S. dollar and linking the yuan to a basket of currencies.

On the same day in July 2005, China raised the value of yuan by two percent to 8.11 per U.S. dollar, and allowed it to move 0.3 percent above or below the parity rate against the U.S. dollar.

On Thursday the RMB reached 10.29 against the euro, 6.62 per 100 Japanese yen, 0.99 per Hong Kong dollar, and 15.18 per pound sterling, according to the Shanghai-based China Exchange Trading Center.

The RMB has appreciated by 784 basic points so far this year.

Analysts believe that upward pressure on the RMB has grown as international markets anticipate a drastic U.S. interest rate cut in the light of a weakening U.S. dollar.

The anticipation was fueled when the U.S. Federal Reserve announced last week that the exchange rate of the U.S. dollar would remain unchanged.

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