China yuan strengthens amid down trend
(Xinhua/chinadaily.com.cn) Updated: 2014-04-28 11:00
The yuan fell to 6.2560 against the US dollar during trading hours on April 25, a 16-month new low, and closing at 6.2536 by day's end.
So far the yuan has depreciated more than three percent since it first began to fall this year in late February.
The Chinese currency renminbi, or yuan, strengthened 11 basis points to 6.1565 against the US dollar on Monday, April 28, according to the China Foreign Exchange Trading System.
The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
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