BEIJING, Nov. 23 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 67 pips to 6.5719 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System (CFETS).
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.
The yuan's rally was mainly fuelled by the domestic economic recovery and notable performance of exports, said Zhang Bin, an analyst with the National Academy of Economic Strategy under the Chinese Academy of Social Sciences.
China's foreign trade expanded 4.6 percent year on year in October, with exports jumping 7.6 percent year on year, said the General Administration of Customs.
Noting strong momentum from capital inflows, Zhang said the market confidence in the renminbi is becoming stronger.
Due to the weakening dollar index, the yuan's appreciation against the U.S. dollar is likely to continue, with the yuan-dollar rate expected to stand at around 6.3 in 2021, according to Guotai Junan Securities.
China's yuan strengthened against a basket of currencies last week, with the CFETS yuan exchange rate composite index edging up 0.27 points from a week earlier to 95.83 on Nov. 20, according to the CFETS. Enditem
