Chinese yuan strengthens to 6.9608 against USD Tuesday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 87 pips to 6.9608 against the U.S. dollar 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.

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.

Chinese yuan strengthens to 6.9608 against USD Tuesday

Oil prices fell on Monday.

The West Texas Intermediate for March delivery dropped 3.07 U.S. dollars, or 4.71 percent, to settle at 62.14 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery decreased by 3.02 U.S. dollars, or 4.36 percent, to settle at 66.3 U.S. dollars a barrel on the London ICE Futures Exchange.

Crude futures settle lower

Crude futures settle lower