RMB climbs to new high against USD

The Chinese yuan climbed to a new high of 6.2082 against the US dollar on Thursday. The yuan has appreciated about 1.1 percent against the greenback since the start of the year.

The stronger yuan is attracting a flood of hot money into China. First quarter's newly increased funds outstanding for foreign exchange hit 1.2 trillion yuan, three times last year's total.

The US Fed's decision to continue the current stimulus plan may lead to more appreciation. Later Thursday, the European Central Bank is expected to cut rates. That could further support the yuan's rise.