The Chinese yuan hit a new high yesterday on concerns that a higher-than-expected economic growth in the first quarter may lead to the currency rising even faster which would curb exports.

The yuan closed at 7.7165 against the US dollar yesterday at the China Foreign Exchange Trade System in Shanghai, up 0.04 percent from its central parity rate of 7.7199.

The currency hit an intraday high of 7.7160 against the greenback.

"The rise (in the yuan) is likely linked to concerns of a more valuable yuan amid a faster-than-expected economic growth" may stymie exports and cause the government to introduce more measures to slow the economy, said a foreign currency trader.

Editor: Yan