Yuan crosses 7.5 against US dollar

The yuan broke through the psychologically important mark of 7.5 against the US dollar yesterday, a post-revaluation high, but analysts said it does not indicate a stronger momentum in yuan appreciation.

The People's Bank of China set the central parity rate of the yuan at 7.4938 against the dollar yesterday morning. The previous historical high since China de-pegged the yuan from the dollar on July 21, 2005 was 7.5006, touched on October 8.

So far, the yuan has appreciated by 4.2 percent this year. Many economists have forecast a gain of 5 percent for the whole year.