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China Yuan Rises to 6.3200 against USD Friday
Mar 16,2012 11:01CST
data analysis
Source:SMM
The Chinese currency Renminbi, or the yuan, strengthened 159 basis points to 6.3200 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.

BEIJING, March 16 (Xinhua) -- The Chinese currency Renminbi, or the yuan, strengthened 159 basis points to 6.3200 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.

The yuan hit 6.2919 against the U.S. dollar on Feb. 29, a record high since the country started reforming its exchange rate formation mechanism in 2005.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 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 before the opening of the market each business day.

 

Chinese yuan

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