China’s Central Bank strengthens yuan rate against US dollar

The People’s Bank of China (Central Bank) has strengthened the renminbi by 34 basis points, to 6.3856 yuan per US dollar. According to the regulator’s statistics, this is the maximum value since June 3 this year, Report informs citing Prime agency.

The strengthening of the Chinese currency against the US dollar lasts for the third working day in a row.

In 2020, against the backdrop of COVID pandemic, the yuan has been depreciating against the dollar for several months. On May 29, 2020, the regulator decreased the national currency rate to 7.1316 yuan per US dollar - the lowest since February 2008. However, after that, the yuan began to gradually strengthen against the dollar.