China yuan advances to 6.3295 against USD Monday

The Chinese currency Renminbi advanced 22 basis points to 6.3295 against the U.S. dollar on Monday, marking a rise for the fourth trading day, according to the China Foreign Exchange Trading System. The Renminbi, or the yuan, hit 6.267 against the U.S. dollar on May 2, the highest in the year. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 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 before the opening of the market each business day.