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1st Ld-Writethru: Chinese yuan strengthens to 6.8884 against USD Friday

Xinhua, May 5, 2017 Adjust font size:

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 73 basis points to 6.8884 against the U.S. dollar Friday, according to China Foreign Exchange Trade System.

Prospects of a June U.S. interest rate hike have not dampened confidence in domestic liquidity. Analysts said the yuan will remain stable with narrow fluctuations.

Foreign trade will be in a better position thanks to structural improvements and improved efficiency and more growth momentum, according to a report by the Ministry of Commerce.

Boosted by a pickup in external demand and a stable domestic economy, China's trade with the rest of the world grew strongly in the first quarter.

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