SHANGHAI, China — The Chinese yuan yesterday climbed to its highest level against the U.S. dollar since Beijing revalued its currency in July — but it has still only gained about 0.32 percent since then.

The yuan closed at 8.0840 to the dollar, its strongest level since China revalued it by 2.1 percent on July 21 to 8.11 and began linking its value to a basket of currencies instead of just the dollar. The yuan closed at 8.0862 on Thursday, also a record high.

Speculation has been building that China might take another major step in relaxing controls on its tightly restricted currency before a visit by President Bush to China next month.

The Bush administration has been lobbying for faster reforms, contending that the yuan is still undervalued against the dollar by as much as 40 percent, making Chinese goods artificially cheaper in overseas markets.

A spokesman for the People's Bank of China, the country's central bank, refused comment yesterday on a report by the Financial Times that U.S. Treasury Secretary John Snow was pressuring Beijing for another revaluation.

Chinese officials have repeatedly insisted they will allow the yuan's value to adjust gradually.

Trading in the yuan is restricted, and its value is only allowed to move within a 0.3 percent range of its opening level each day.