Chinese yuan advances to new high against USD

0 Comment(s)Print E-mail Xinhua, September 11, 2017
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The central parity rate of the Chinese currency, the yuan, strengthened for the 11th consecutive working day to a fresh high against the U.S. dollar Monday.

The central parity rate of the yuan strengthened 35 basis points to 6.4997 against the U.S. dollar, breaking the psychologically important 6.5 barrier for the first time since May 2016, according to the China Foreign Exchange Trade System.

It is the longest continuous daily rising sequence since 2005.

The adjustment came after a rise of 237 basis points Friday and 42 basis points Thursday. The rate fell below 6.6 on Sept. 1, the first time since June last year.

The yuan has appreciated by 6 percent in cumulative terms against the dollar since the beginning of the year.

The dollar index against a basket of six major currencies was 0.2 percent higher at 91.524 Monday after skidding to a two year low of 91.011 Friday.

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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