The Chinese currency, the yuan, strengthened to 7.1337 against the U.S. dollar on Thursday, marking an appreciation of 13 pips, according to the China Foreign Exchange Trade System.
In the country’s spot foreign exchange market, the yuan can fluctuate by up to two percent above or below the central parity rate during each trading session. The rate itself is determined daily based on a weighted average of prices provided by market makers before the interbank market opens.