Chinese yuan strengthens

It strengthened 74 basis points to 6.6597 against the US dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 74 basis points to 6.6597 against the US dollar on 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 two per cent from the central parity rate each trading day, Xinhua news agency reported.

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.