Chinese yuan strengthens to 7.0899 against dollar

The China Foreign Exchange Trade System on Monday revealed that the central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 1,008 pips to 7.0899 against the dollar.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

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