Chinese yuan strengthens to 6.7972 against USD Monday

 

(ECNS) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 17 pips to 6.7972 against the U.S. dollar on Monday, according to the China Foreign Exchange Trade System.

The People’s Bank of China authorized the China Foreign Exchange Trade System to publish the rate, which is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The yuan is allowed to rise or fall by 2% from the central parity rate each trading day.

(By Helen Mo, intern Li Chengzhan)