Chinese yuan strengthens to 6.8794 against USD Friday
The Chinese currency, the renminbi or the yuan, strengthened Friday against the U.S. dollar on the back of positive Chinese economic data and the retreat of the greenback.
The central parity rate of the Chinese currency, the renminbi or the yuan, strengthened 164 basis points to 6.8794 against the dollar Friday, according to the China Foreign Exchange Trade System.
China's manufacturing Purchasing Managers' Index (PMI) came in at 51.7 in November, up from 51.2 in October and staying above the 50-point boom-bust line for the fourth straight month, providing further evidence of a strengthening Chinese economy, the National Bureau of Statistics (NBS) said Thursday.
China's non-manufacturing PMI in November came in at 54.7, firming from 54 in October, the third consecutive month that the pace of growth has picked up from the previous month, NBS data showed.
The dollar slipped against other major currencies Thursday as investors took profits from recent gains.
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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