admin BEIJING– China’s yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).
The CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, came in at 91.88 on Nov. 8, up 0.7 points from a week earlier, according to the CFETS.
The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro and Japanese yen.
An index in last week which measures the yuan against the Bank for International Settlements currency basket up 0.84 points to 95.57.
The index measuring the yuan against the Special Drawing Rights basket rose 1.07 points to 92.25. On Thursday, according to the China Foreign Exchange Trade System the central parity rate of the Chinese currency renminbi, or the yuan, strengthened 72 pips to 7.0008 against the U.S. dollar 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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
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