Yuan value rises, with its flexible rate set to continue

China's renminbi hit its highest level in nearly three weeks against the US dollar on Wednesday, mainly driven by market forces, according to analysts. They said they expected no change in its flexible floating.

The currency's central parity - the daily trading reference around which its exchange rate can float up or down by 2 percent - strengthened to 6.8271 per dollar on Wednesday, rebounding for a fourth consecutive trading day, the highest level since Aug 2.

The currency jumped from the year's lowest value of 6.9568 per dollar, recorded just a week ago on the offshore market, a level influenced by the global market panic after the Turkish lira sharply depreciated.