Chinese yuan strengthens

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Beijing, Jan 22 (IANS) The Chinese yuan strengthened by 21 basis points to 6.1247 against the US dollar in its central parity rate Thursday, according to the China Foreign Exchange Trading System.

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