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Chinese yuan strengthens to 6.9597 against USD Wednesday

Xinhua | Updated: 2020-08-12 13:22
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A cashier counts RMB and US dollar notes in a bank in Nantong, Jiangsu province, on Aug 6, 2019. [Photo/Sipa]

BEIJING -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 114 pips to 6.9597 against the US dollar Wednesday, according to the China Foreign Exchange Trade System.

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 US 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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