Arab Today, arab today chinese yuan strengthens to 63966 against dollar tuesday
Last Updated : GMT 13:27:38
Arab Today, arab today
Arab Today, arab today

Chinese yuan strengthens to 6.3966 against dollar Tuesday

Arab Today, arab today

Arab Today, arab today Chinese yuan strengthens to 6.3966 against dollar Tuesday

Chinese currency
Beijing - XINHUA

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 3 basis points to 6.3966 against the U.S. dollar on Tuesday, according to the China Foreign Exchange Trading System.

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

The People's Bank of China reformed the exchange rate formation system on Aug. 11 to better reflect market development in the exchange rate of the Chinese yuan against the U.S. dollar.

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 market each business day and also refers to the closing rate on the previous day, in conjunction with supply and demand condition and movement of major currencies.

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