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China's yuan strengthens against USD Thursday

China's yuan strengthens against USD Thursday

Write: Herrick [2011-05-30]
Tags: the yuan
The Chinese currency Renminbi, or the yuan, Thursday strengthened against the U.S. Dollar (USD) as the central parity rate of the yuan was set at 6.5048 per USD.
The yuan strengthened by 26 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on May 11.
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 U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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