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Chinese yuan strengthens to 7.0947 against dollar

The central parity rate of the Chinese currency, the renminbi or yuan, strengthened two pips to 7.0947 against the dollar on Monday, according to the China Foreign Exchange Trade 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.

 

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. (Zinhua/NAN)

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