China's yuan rises to new high against US dollar

The Chinese currency Renminbi, or yuan, strengthened 102 basis points to a record high of 6.113 against the US dollar on Monday, according to the China Foreign Exchange Trading System. This came after the news that China's exports outperformed market expectations in November due to improved data in the United States and the European Union, according to China's (Xinhua) News Agency. Exports went up 12.7% year on year in November and imports gained 5.3% year on year, according to the General Administration of Customs on Sunday. Meanwhile, US dollar remains relatively weak as the better-than-expected US non-farm job data boosted prospective of the scaling back of the 85-billion-dollars monthly bond purchases. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1% 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.