Chinese yuan strengthens to 7.0978 against USD Friday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 24 pips to 7.0978 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System, Azernews reports, citing Xinhua.

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 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.