(MENAFN- Qatar News Agency) The Chinese currency Renminbi, or the yuan, rose to a new record high against the US dollar on Tuesday.
The yuan strengthened 16 basis points to reach 6.1114 per US dollar, the strongest since July 2005, when the country launched reforms of the exchange rate mechanism, according to the China Foreign Exchange Trading System
The People's Bank of China on Monday set the dollar-yuan central parity rate at 6.1130, stronger than Friday's 6.1232
This was in line with broad dollar weakness despite better-than-expected US job data released on Friday
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, according to China's (Xinhua) News Agency
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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