Chinese yuan strengthens against Dollar

Beijing: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 12 basis points to 6.5516 against the US dollar on Friday, 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, according to Xinhua news agency. 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.