Chinese yuan strengthens to 6.8889 against US dollar Tuesday

An employee at a bank counter in Nantong, Jiangsu province, counts renminbi and dollars. [Photo/China Daily]

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 153 basis points to 6.8889 against the US dollar on Tuesday, 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.