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Chinese yuan strengthens to 6.3975 against USD Friday

Xinhua, August 14, 2015 Adjust font size:

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 35 basis points to 6.3975 against the U.S. dollar on Friday after a three-day slump, according to the China Foreign Exchange Trading System.

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 People's Bank of China reformed the exchange rate formation system on Aug. 11 to better reflect market development in the exchange rate of the Chinese yuan against the U.S. dollar.

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 market each business day and also refers to the closing rate on the previous day, in conjunction with supply and demand condition and movement of major currencies. Endi