Chinese yuan strengthens to 6.9533 against USD Wednesday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 75 pips to 6.9533 against the U.S. dollar Wednesday, 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 6.9533 against USD Wednesday

U.S. stocks ended lower on Tuesday.

The Dow Jones Industrial Average fell by 166.67 points, or 0.34 percent, to 49,240.99. The S and P 500 sank 58.63 points, or 0.84 percent, to 6,917.81. The Nasdaq Composite Index shed 336.92 points, or 1.43 percent, to 23,255.19.

Six of the 11 primary S and P 500 sectors ended in red, with technology and communication services leading the laggards by going down 2.17 percent and 1.28 percent, respectively. Meanwhile, energy and materials led the gainers by rising 3.29 percent and 2 percent, respectively.

U.S. stocks close lower