Markets

China's yuan strengthens against USD Wednesday

(Xinhua)
Updated: 2011-05-18 10:35

BEIJING -- The Chinese currency Renminbi, or the yuan, Wednesday strengthened against the US Dollar (USD) as the central parity rate of the yuan was set at 6.5074 per USD.

The yuan strengthened by 34 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on last Wednesday.

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.