Renminbi gains strength against the US dollar

The central parity rate of the yuan against the US dollar strengthened on Monday after Yi Gang, vice-governor of the central bank, said on Sunday that the currency remained strong and stable in the global monetary system.

The People's Bank of China set the central parity rate of the yuan versus the dollar at 6.9042, ticking up from the 6.9168 on Friday, after the currency slid to an eight-year-low against the dollar in the past week.

The jump came after Yi's remarks on the yuan's exchange rate on Sunday, when he fended off concerns over the strength of the yuan and pressure for depreciation.