Chinese Yuan Strengthens by 28 Pips Against U.S. Dollar

Dragon Media News Desk

The central parity rate of China’s currency, the renminbi or yuan, strengthened by 28 pips against the U.S. dollar on Wednesday.

According to the China Foreign Exchange Trade System, the central parity rate was set at 6.7889 yuan per U.S. dollar.

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

The central parity rate of the yuan against the U.S. dollar is determined on the basis of a weighted average of prices offered by market makers before the interbank foreign exchange market opens on each business day.