Chinese yuan strengthens to 6.3267 against USD Monday

From: Xinhua
Time: 2018-01-29
Summary: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 169 basis points to 6.3267 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
BEIJING, Jan. 29 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 169 basis points to 6.3267 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

It marks the seventh consecutive rise and the highest level since Nov. 2, 2015.

Huang Zhilong, a researcher with the financial research arm of the Suning Group, attributed yuan's strong reading to persistent weakening of the U.S. dollar.

The dollar index, a gauge that measures the U.S. currency's strength against six other major currencies, have declined over 3 percent since the beginning of this year.

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.

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