China yuan rises to new high against USD Friday

BEIJING - The Chinese currency renminbi, or yuan, strengthened 78 basis points to a record high of 6.1232 against the US dollar on Friday, according to the China Foreign Exchange Trading System.

This came as US dollar fell against other major currencies overnight after better-than-expected growth for the third quarter boosted prospective of the scaling back of the $85-billion monthly bond purchases.

The US Commerce Department revised third-quarter growth to an annual rate of 3.6 percent, well above market estimate of 3 percent, and the jobs report due on Friday is largely expected to reinforce the firming trend.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent 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.