Yuan spot price hits record high for third day (2)

The figure marked a rise for seven consecutive trading days, foreign exchange data showed.

Zhou Hao, an analyst at the Australia & New Zealand Banking Corp., said the growing trade surplus was the main cause for hikes in the yuan's value. There was a trade surplus of 32 billion U.S. dollars in October.

The yuan's value will continue to go up because of the economy's stabilizing growth and the third round of quantitative easing in the U.S.. However, room for further appreciation might be limited, researchers at the consulting agency Anbound said.

In the foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

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