Money

China's yuan continues to strengthen against USD Friday

(Xinhua)
Updated: 2011-05-20 10:19

BEIJING -- The Chinese currency Renminbi, or the yuan, strengthened against the US Dollar (USD) for the third consecutive trading day on Friday.

The central parity rate of the yuan was set at 6.4983 per USD on Friday, compared with 6.5048 per USD for the previous trading day.

It hit a new high of 6.4948 per USD on May 11.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.