Chinese yuan strengthens to 7.0421 against dollar

by Nana Musa

The central parity rate of the Chinese currency renminbi or the yuan, strengthened 478 pips to 7.0421 against the dollar on Tuesday.

This is 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 per cent 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. (Xinhua/NAN)