Chinese yuan spot strikes record high

The Chinese currency hit a record high versus the US dollar on Thursday for the second straight day.

The People's Bank of China set the official midpoint quota at a slightly weaker rate on Thursday, but failed to curb the Yuan's fast appreciation created by a slew of record high midpoints in recent weeks. Traders say the RMB's strength is still mainly fuelled by Chinese corporates' unloading of the greenback. They expect the RMB 's value to keep rising until the psychological barrier of 6 yuan per dollar.