The Chinese Yuan (CNY) soared to record highs against the US Dollar (USD) today, with the noon rate of exchange at just 6.78 Yuan per Dollar. The nearly 1% jump in value from the previous day was its largest single day advance this year.

The weakened US Dollar, which has has lost nearly 10% of its value to the Yuan in the last 12 months, stifles the purchasing power of American importers. Many manufacturers have turned to Europe and other markets where currencies remain strong to reduce exposure to the fledgling US economy.