China's Currency Breaks Through Key Level of 7 Yuan to 1 US Dollar

BEIJING (AP) -- China state media says the strengthening yuan has broken through a key level by trading at less than 7 yuan to the dollar.

The official Xinhua News Agency said the Chinese currency traded Thursday at 6.9920 to $1. It's the first time the yuan has broken below the 7 yuan mark since the government loosened the currency's peg to the dollar in 2005. The yuan has risen about 18 percent in value since then.

The United States wants the yuan to appreciate faster, and some American lawmakers are calling for punitive tariffs on Chinese imports. Washington reported a $256.3 billion trade deficit with China last year, its highest on record with any country.