Chinese yuan strengthens to 6.8806 against US dollar Tuesday

Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. [Photo/Agencies]

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 92 basis points to 6.8806 against the US dollar 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.