(Yicai Global) Jan. 31 -- The Chinese yuan edged to  a new high against the greenback this morning after the Federal Reserve  called for patience on its monetary policy.

The onshore yuan's spot rate opened 208 points  higher at 6.6948 compared with yesterday evening's close. The offshore  spot rate was 6.7035 in the morning and went as low as 6.6984, a new six  month high for the redback after the US Federal Reserve Open Market  Committee released its latest monetary policy statement.

The People's Bank of China set the central parity  rate between the two currencies at 6.7025 today for the redback, 318  basis points higher than yesterday and the strongest level in six  months. 

The US Fed committee is pausing interest rate hikes  and holding the target range of its benchmark rates in the current band  of 2.25 percent to 2.5 percent following its meeting.