Renminbi gains further ground against dollar

The central parity rate of the renminbi, or the yuan, strengthened by 349 basis points to 6.7560 against the US dollar on Monday, according to the China Foreign Exchange Trade System. 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 US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.