Renminbi strengthens against greenback

The central parity rate of the renminbi strengthened by 90 basis points to 6.7675 against the US dollar on Wednesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the renminbi is allowed to rise or fall by 2 percent from the central par- ity rate each trading day. The central parity rate of the renminbi 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.