Chinese yuan strengthens against dollar

Beijing, Jan 27 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 15 basis points to 6.5533 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 two percent from the central parity rate each trading day, according to Xinhua.

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.

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