Chinese yuan edges higher against US dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 179 basis points to 6.6952 against the US dollar, according to the China Foreign Exchange Trade System…reports Asian Lite News

100-yuan bank notes in Beijing, capital of China.

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 central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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