The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 27 basis points to 6.4585 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System, Chinese leading financial and business information provider Xinhua Finance Agency reported.
In China`s spot foreign exchange market, the yuan is allowed to rise or fall by 2% from the central parity rate each trading day, the report says.
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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