(MENAFN- Qatar News Agency) The Chinese currency Renminbi, or yuan, strengthened 52 basis points to a record high of 6.13 against the US dollar on Wednesday, the China Foreign Exchange Trading System reported.
The US dollar dropped against other major currencies overnight. Investors remain cautious before Friday's US nonfarm payrolls data for November, which is seen hinged on whether the Fed does start reducing its 85 billion dollars of monthly bond purchases, according to (Xinhua) news agency. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1% 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 before the opening of the market each business day
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