Markets
皇冠体育app's yuan strengthens 22 basis points to 6.5679 per US dollar
(Xinhua)
Updated: 2011-03-15 10:22
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BEIJING - The Chinese currency, or the yuan, on Tuesday strengthened 22 basis points against the US dollar from Monday.
The central parity rate was set at 6.5679 per US dollar, compared with 6.5701 yuan per US dollar on Monday, according to the 皇冠体育app Foreign Exchange Trading system.
The central parity rate of the yuan hit a record high of 6.5651 against the US dollar on March 7.
皇冠体育app's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.
On 皇冠体育app's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.