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1st LD-Writethru: Chinese yuan strengthens for second day

Xinhua, February 24, 2017 Adjust font size:

The central parity rate of the Chinese currency, the renminbi or the yuan, strengthened on Friday for the second consecutive day against the U.S. dollar on the back of a string of upbeat economic data and a weakening greenback.

The central parity rate of the yuan strengthened 40 basis points to 6.8655 against the dollar on Friday, according to the China Foreign Exchange Trade System.

Economic data including railway freight volume and home prices released earlier this week pointed to stabilizing activity in the world's second largest economy.

Rail cargo volume grew 10.4 percent year on year in January to reach about 311 million tonnes, marking the sixth consecutive monthly rise, data from the National Bureau of Statistics (NBS) showed.

China's property market in major cities has continued to stabilize after authorities took a series of measures to contain rising prices, according to NBS figures.

The dollar ended lower against other major currencies on Thursday amid concerns over whether the Trump administration will fully implement its economic policies.

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 dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. Endi