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China's yuan rises 31 basis points to all-time high of 6.586 per USD Tuesday

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BEIJING, Feb. 1 (Xinhua) -- The Chinese currency, or the yuan, rose 31 basis points from previous trading day to a fresh high of 6.586 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trading System.

The central parity rate of RMB, or the yuan, was 16 basis points stronger than the previous record of 6.5876 set on Jan. 27, 2011.

The yuan appreciated 3.6 percent last year, but accelerating inflation has led some analysts to predict it could rise further against the dollar this year as the People's Bank of China (PBOC), the central bank, attempts to cool price pressures.

PBOC announced in June 2010 it would further reform the exchange rate formation mechanism to improve its flexibility.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

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