Chinese yuan strengthens to 6.7854 against USD Tuesday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 17 pips to 6.7854 against the U.S. dollar Tuesday (May 17), 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 U.S. dollar is based on a weighted average of prices offered by market makers before opening the interbank market each business day.