Chinese yuan strengthens

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Beijing, March 23 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 35 basis points to 6.4936 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

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

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

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