The yuan hit a record high against the US dollar on Monday on the back of much stronger volatility this month.

The Chinese currency gained for a second straight day, reaching a record of 6.3287 in morning trading, after the central bank guided the currency stronger via its daily reference exchange rate, set 0.07 percent higher at 6.3167 per dollar.

The new high, analysts said, underscored the yuan's new, market-oriented pattern of movement against the dollar.

Previously, the yuan had appreciated almost unilaterally against the dollar, but the currency has recently become more volatile, posting two-way fluctuations.

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