Chinese yuan strengthens to new high against USD

Updated 2018-03-27 15:49:05 Xinhua

The central parity rate of the Chinese currency, the renminbi or yuan, advanced to a new high against the U.S. dollar Tuesday.

The central parity rate of the Chinese yuan strengthened 377 basis points to 6.2816 against the U.S. dollar Tuesday, the strongest level since Aug. 11, 2015, according to the China Foreign Exchange Trade System.

The adjustment came after a rise of 79 basis points to 6.3193 against the U.S. dollar on Monday.

The dollar index, which measures the greenback against six major peers, fell 0.46 percent at 89.027 in late trading on Monday.

Analysts said investors' appetite for safe-haven currencies like the greenback declined amid eased tensions in China-U.S. trade relations.

"There is no winner in a trade war," Chinese Premier Li Keqiang said on Monday, calling for a rational and earnest attitude when addressing the problem of China-U.S. trade imbalance.

Li urged the international community to jointly safeguard the multilateral trading system with free trade as its corner stone, and clearly oppose protectionism and unilateralism.

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 18 2019 20:42:11

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 18 2019 20:42:11

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 18 2019 20:42:11

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.

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