China Yuan strengthens to 6.1615 against USD

July 29, 2014 Gulf Daily Mail

BEIJING- The value of the Chinese currency renminbi (the yuan) strengthened 7 basis points to 6.1615 against the U.S. dollar in its central parity on Tuesday(July 29th), according to the China Foreign Exchange Trading System.

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