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During early Asian deals on Tuesday, the Chinese yuan soared to a fresh high of 6.7453 against the U.S. dollar after the People's Bank of China set the dollar/yuan central parity lower for the third consecutive trading session amid the dollar's weakness and growing U.S. pressure over Beijng's currency policy.
The People's Bank of China set the central parity rate at 6.7378 per dollar Tuesday morning, down 0.0131 from Monday. This marks the third straight day that the daily reference rate has surpassed the previous high.
The yuan's extended strength came after U.S. Treasury Secretary Timothy Geithner said in an interview on Friday that China hasn't done enough to allow the yuan to rise, and follows meetings in Beijing last week between Chinese leaders and senior White House officials including National Economic Council Director Lawrence Summers. Geithner is to testify at hearings on the yuan to be held by the U.S. House Ways and Means Committee this week.
The Chinese currency has seen increased volatility in the trading days since the People's Bank of China announced on June 19 this year to increase exchange rate flexibility.
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