Business
11:56, 25-Jan-2018
Chinese yuan strengthens to 6.3724 against USD Thursday
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The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 192 basis points to 6.3724 against the US dollar on Thursday, the highest since November 2015, according to the China Foreign Exchange Trade System.
In less than one month of 2018, the central parity rate of the Chinese yuan has surpassed 6.5 and 6.4 successively to hit a new high against US dollar.
Yuan has seen a growth of more than 1.6 percent this year, mainly due to weak US dollar recently and partly because of foreign capital inflow to purchase Chinese financial assets, said Xie Yaxuan, a senior analyst at China Merchants Securities.
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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(With inputs from Xinhua)