Yuan strengthens against US dollar Thursday

Updated: 2011-02-24 10:21
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BEIJING - The value of Chinese currency, the yuan, strengthened against US dollars Thursday.

The central parity rate was set at 6.5795 per US dollar, compared with 6.5828 yuan per US dollar on Wednesday, according to the China Foreign Exchange Trading system.

China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.