Markets

China's yuan strengthens 49 basis points to 6.5701 per US dollar

(Xinhua)
Updated: 2011-03-14 10:12

BEIJING - The Chinese currency, or the yuan, on Monday strengthened 49 basis points against the US dollar from last Friday.

The central parity rate was set at 6.5701 per US dollar, compared with 6.5750 yuan per US dollar on Friday, according to the China Foreign Exchange Trading system.

The central parity rate of the yuan hit a record high of 6.5651 against the US dollar on March 7.

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.