Beijing, March 12 (TIWN / IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 74 basis points to 6.7128 against the US dollar on 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, Xinhua news agency reported.

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.