PBOC sets yuan mid-point at 7.2454

The Chinese Central Bank has set the mid-point of the yuan exchange rate against the dollar at a post-revaluation high of 7.2454 Tuesday.

The yuan has now appreciated a further 11.93 percent since it was revalued by 2.1 percent to 8.11 per dollar on July 2005, and freed from a dollar peg to a float within managed bands. The yuan may raise or fall 0.5 percent from its mid-point each day, but it has moved only a small fraction of its band in most trading sessions since the floating rate regime was introduced.

The yuan's peak since its was floated is 7.2514, reached on Monday.