Chinese yuan strengthens

Beijing, Oct 31 (IANS) The central parity rate of the Chinese yuan strengthened against the US dollar on Monday.

The central parity rate of the Chinese currency renminbi, or the yuan,strengthened 217 basis points to 6.7641 against the US dollar on Monday, according to the China Foreign Exchange Trade System, Xinhua news agency reported.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

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

–IANS

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