File photo shows an exterior view of the People's Bank of China in Beijing, capital of China. (Xinhua/Peng Ziyang)
BEIJING, May 16 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 148 pips to 6.9506 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.
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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 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. ■