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1st Ld-Writethru: Chinese yuan strengthens to 6.8629 against USD Thursday

Xinhua, February 16, 2017 Adjust font size:

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 3 basis points to 6.8629 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.

Although the U.S. Federal Reserve has hinted at more rate hikes, uncertainties remain over President Donald Trump's policy moves, which will limit the upward momentum of the dollar, according to analysts.

In addition, China's stabilizing economy, evidenced by improving manufacturing activity and quickening inflation, along with tightening monetary policy, will help support a stable yuan.

In an interview with China Securities Journal, central bank official Zhu Jun dismissed views that the yuan would undergo substantial adjustment.

Zhu said that the yuan had fallen around 13 percent against the U.S. dollar compared with its high point, which is already a significant drop, and that the country's healthy international balance of payments would support the yuan's strength.

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. Endi