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Chinese yuan reaches record high

8 August 2013 Last updated at 03:28 BST

The Chinese yuan has hit a new record high against the US dollar.

On Wednesday, the currency closed at its highest level since China created its the foreign currency market in 1994.

Some traders and analysts have speculated that officials may allow it to strengthen further.

Recently, China has been taking steps to lessen its dependence on exports, and a stronger currency gives its consumers more spending power.

The BBC's Ali Moore spoke with Robin Bew, Chief Economist at the Economist Intelligence Unit about how China's economy is undergoing a transition.

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