The central parity rate of the Chinese currency yuan hit a new high on Monday.

The central bank set the yuan's midpoint against the U.S. dollar at 6.7509, 116 basis points stronger than Friday's mid-point. This is its highest level since China's landmark revaluation in July 2005.

The yuan has now strengthened by one percent against the dollar since July, when the central bank announced it would further the reform of the formation mechanism of the yuan exchange rate, to improve its flexibility. China's foreign ministry reiterated last week, that external pressure won't affect China's currency policy.

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