Chinese yuan rises against dollar

The Chinese yuan rose against the dollar on Tuesday, with the People’s Bank of China’s reference rate reaching 7.1283 yuan per dollar, up 24 pips from yesterday’s level of 7.1307 yuan.

Chinese rules allow the yuan to rise or fall by 2 percent from the central bank’s reference rate each trading day in the spot foreign exchange market, according to the Xinhua News Agency.

The reference rate of the yuan against the dollar is determined based on the buying prices offered by major financial institutions before the start of daily interbank trading.