Yuan hits new record

The Chinese renminbi or yuan strengthened by 24 basis points to 6.1554 against the US dollar on Monday, hitting a record high by breaking the previous record set Thursday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.