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The value of the Renminbi (RMB) against the U.S. dollar hit a record high on Friday with a central parity rate of 7.8087 yuan to one dollar, according to the China Foreign Exchange Trading Center based in Shanghai.

It is the seventh record set since the beginning of December.

The value of the RMB has risen 3.78 percent since China decided to revalue its currency in July 2005.

The central parity of the RMB against the other four major currencies announced on Friday by the Trading Center were as follows: 10.2665 yuan to one euro, 6.5630 yuan to 100 Japanese yen, 1.00467 yuan to one HK dollar and 15.3232 yuan to one pound.

According to market observers, the fact that a new record was set near the end of the year implies the RMB is still under great pressure to appreciate.

Source: Chinanews