PEKING (dpa-AFX) - In Asian deals on Tuesday, the Chinese yuan strengthened to a fresh record high against the U.S. dollar on central bank's record high parity rate fixing.
The People's Bank of China set today's central parity rate for the yuan at a record high of 6.4470 per dollar, compared to Monday's daily reference rate of 6.4503.
The yuan is allowed to strengthen or weaken 0.5 percent from the central parity rate each day in China's foreign exchange spot market.
The central parity rate of the yuan against the dollar is based on a weighted average of prices before the opening of the market each business day.
The yuan rose to as much as 6.4422 per dollar, compared to yesterday's closing value of 6.4458.
Copyright RTT News/dpa-AFX