The Chinese currency, Renminbi (Yuan), strengthened on Monday as the central parity rate rose 160 basis points to 7.1161 against the U.S. dollar.
This was disclosed by the China Foreign Exchange Trade System (CFETS).
The central parity rate of the Yuan against the dollar is determined daily, based on a weighted average of prices offered by market makers before the interbank market opens.
In China’s spot foreign exchange market, the Yuan is permitted to fluctuate by up to two per cent above or below the central parity rate in each trading session.