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1st LD-Writethru: Chinese yuan strengthens to 6.8604 against USD Tuesday

Xinhua, February 7, 2017 Adjust font size:

The central parity rate of the Chinese currency the renminbi, or the yuan, strengthened 2 basis points to 6.8604 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System (CFETS).

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.

The yuan is in better shape to remain basically at equilibrium amid improving flexibility of exchange rates, supported by improved growth quality and deepening reforms, according to the CFETS.

Positive changes and bright spots continue growing in the Chinese economy, and the economy is stabilizing with improved quality and structure, according to an article on the CFETS website.

The Central Economic Work Conference in December 2016 pledged to push forward supply-side structural reform in 2017, which together with an better quality and efficient economy, will strengthen RMB fundamentals, according to the article.

A survey released Monday revealed that the Caixin General Services Purchasing Managers' Index stood at 53.1 for January, slightly lower than a month ago but still well above the boom-or-bust 50 mark.

The service sector accounted for more than half of China's economy last year and for the majority of growth. Endi