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BEIJING, Nov. 29 - The value of the Renminbi (RMB) against the U.S. dollar hit a new high on Wednesday, with the central parity rate at 7.8394 yuan to one dollar, breaking the 7.84 mark.

This signifies that RMB value has risen by 5.32 percent since July 21, 2005, when the Chinese government launched the reform of the exchange rate system to allow the yuan to float against the U.S. dollar within a daily 0.3 percent band from the official central parity rate.

The appreciation followed previous records on Nov. 9, when the central parity rate hit 7.8697 to break the 7.87 mark, on Nov. 23 when it was 7.8596 and broke the 7.86 mark, and on Nov. 27 when it was 7.8402 and broke the 7.85 mark.

The exchange rate was set at about 8.28 yuan per U.S. dollar before the reform.

Source: XinhuaNews