Chinese yuan strengthens to 7.0974 against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 28 pips to 7.0974 against the dollar on Thursday.

The China Foreign Exchange Trade System revealed this.

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 yuan’s central parity rate 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.

Xinhua/NAN