From BBC News:
China’s yuan is at its strongest level against the dollar since the country scrapped its peg to the US currency in July 2005.
The yuan rose to a high of 6.8918 per dollar – a gain of 20% since it ditched the fixed exchange rate.
The rise comes as US Treasury Secretary Henry Paulson prepares to meet with Chinese officials. China’s currency policy has dominated previous meetings.
Analysts say China is letting its currency appreciate to cool inflation.