Chinese yuan hits high against dollar

BEIJING, June 13 (UPI) -- The yuan hit a new high against the U.S. dollar Wednesday amid increasing calls by the U.S. Congress for China to increase the yuan value faster.

Before trading began Wednesday, the China's central bank set the midpoint at 7.6282, breaking the 7.63 barrier for the first time since China ended the attachment to the dollar in July 2005, China Daily reported. The yuan is allowed to move 0.5 percent up or down the midpoint in a day.

Analysts in China attributed the appreciation in part to the Treasury Department's semi-annual evaluation of exchange-rate manipulation. Some U.S. lawmakers and businesses accused China of keeping the yuan artificially low to gain a trade advantage, but the report did not say China was manipulating its currency.

In a move designed to counter a potential slump in the world economy, resulting in less demand for Chinese goods, Chinese officials said they were working to boost domestic consumption to overcome its reliance on exports.

In May, China's retail sales rose 15.9 percent over last year to 715.8 billion yuan, the National Bureau of Statistics reported Wednesday. The increase follows a 15.5 percent gain in April.