BEIJING, April 10 (Xinhua) -- Chinese currency, the yuan, was set to trade at 6.9920 yuan against one U.S. dollar on Thursday, the first time for it to breach the 7-yuan mark against the dollar since the country de-pegged its currency from the dollar in 2005.
Following an overnight fall of the dollar, the central parity rate of the yuan, or Renminbi (RMB), gained 105 basis points to 6.9920 yuan against the dollar on Thursday, according to the China Foreign Exchange Trading System.
The yuan has gained 4.47 percent so far this year based on Thursday's trading price, or 15.99 percent since a new currency regime was imposed in July 2005 to revalue the currency at 8.11 yuan against the dollar in a one-off manner and de-peg it from the dollar.
The yuan breaks the 8-yuan mark on May 15, 2006.