Chinese yuan strengthens to 6.8806 against USD Tuesday

Updated 2017-02-14 13:50:00 Xinhua

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 92 basis points to 6.8806 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.

All eyes are fixed on the new U.S. president who drove the greenback to its strongest gain since mid-December last week, promising a "phenomenal" tax reform for U.S. companies. Investors hope that this signals a pick up in economic growth.

Thanks to resilient economic growth and improved government regulation, the yuan has generally stabilized from the sharp falls of last year and has begun to see more two-way fluctuations.

The yuan's volatility may continue as the market digests a slew of key economic data this week, including China's January inflation, GDP for the euro zone, British retail and employment figures, as well as U.S. retail and inflation figures.

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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 23 2018 02:10:25

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 23 2018 02:10:25

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 23 2018 02:10:25

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords