Chinese yuan strengthens

Beijing: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 206 basis points to 6.8779 against the dollar on Tuesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.