Yuan hits new dollar high

The yuan closed at 7.8275 to the US dollar Monday, its highest level since its revaluation in July last year, Reuters reported. It hit a post-revaluation high of 7.8230 in intraday trading, erasing the former high of 7.8280 set on Friday. It has hit such highs nearly every day over the past two weeks, amid lingering global weakness for the US currency. The dollar's weakness also allowed the People's Bank of China to set the daily mid-point of the yuan at another record high of 7.8240 Monday morning, much stronger than Friday's 7.8331. Dealers also expect the central bank will allow the yuan to rise faster before a planned visit by US Treasury Secretary Henry Paulson next week, the news agency reported.