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The yuan appreciated 0.96 percent in the first quarter. If the pace was maintained, the yuan would end the year by appreciating within the range of three to five percent, the newspaper reported.

The yuan, or renminbi (RMB), saw a 1.05-percent rise in value since the beginning of the year when it hit a new high on Tuesday to break the 7.73 mark after fluctuating within the 7.73 to 7.74 range since March 13.

Ye Yaoting, an analyst with the Bank of Communications, said Tuesday's performance was a natural result of gradual adjustments towards a higher value of the yuan.

The inflow of foreign funds, attracted by the anticipation of further appreciation, had pushed the yuan to a new high, said Ye.

Yet the pressure for revaluation from the US, which announced last Friday the imposition of 10.9 to 20.4 percent penalty tariffs on imports of Chinese coated paper, may also have helped the yuan to rise, he said.

Zhao Xijun of People's University of China said the strong yuan, though partly attributed to outside pressure, was fundamentally supported by the country's economic performance.

Ye and Zhao agreed that the country's trade surplus and the massive inflow of investment funds were the main forces driving the yuan higher.

The yuan quickly reversed its rise on Wednesday, and opened the day with its central parity rate at 7.7349 yuan to the US dollar.

(For more biz stories, please visit Industry Updates)