Media playback is unsupported on your device

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.

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.