Markets > Currencies

Chinese yuan strengthens to 6.9115 against USD Wednesday

Xinhua Financein BEIJING
2017-03-15 09:56

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The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 3 basis points to 6.9115 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System. 

The economic data released on Tuesday offered fresh signs that the Chinese economy was stabilizing and picking up steam. 

Industrial output rose 6.3 percent in January-February from a year earlier, while fixed-asset investment growth accelerated to 8.9 percent during the period, both beating market expectations, according to the National Bureau of Statistics (NBS) Tuesday. 

Growth of private sector investment, which accounted for more than 60 percent of total investment, accelerated from 3.2 percent in 2016 to 6.7 percent in the period, the fastest growth in a year. 

Most indicators were positive and improving, NBS spokesman Sheng Laiyun said at a press conference, adding that the development in the first two months laid "a good foundation" for the country to realize its annual targets. 

Meanwhile, investor attention was focused on the the U.S. central bank's two-day monetary policy meeting starting Tuesday, as investors stayed cautious awaiting an expected Federal Reserve interest rate hike later Wednesday. 

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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