China’s yuan strengthens against USD on Friday

Posted on May 6, 2011 in AllEconomic News
The value of Chinese currency Renminbi (RMB), or the yuan, gained 22 basis points against the U.S. dollar on Friday.

The central parity of yuan was set at 6.5003 per U.S. dollar on Friday, compared with 6.5025 on Thursday, according to the China Foreign Exchange Trade System.

The yuan hit a record high of 6.4990 per U.S. dollar on April 29.

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 U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

via China’s yuan strengthens against USD on Friday – People’s Daily Online.