Chinese yuan strengthens

Beijing, July 24 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 3 basis points to 6.1169 against the US dollar on Friday, authorities said.

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, reported Xinhua news agency.

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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