Chinese yuan strengthens to 6.8911 against USD Wednesday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 32 pips to 6.8911 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.

The United States has sent Iran a 15-point peace plan in an effort to end the war, which is now in its fourth week, while the Iranian side insists the conflict will continue until their demands for reparations and sanctions relief are met.

According to media reports on Tuesday, the United States has sent the peace plan to Iran via Pakistan. The plan addresses Iran's ballistic missile and nuclear programs and discusses maritime routes, referring to the Strait of Hormuz.

The plan reportedly demands that Iran dismantle its nuclear capabilities, cease all uranium enrichment, and provide a permanent commitment to never seeking nuclear weapons, according to the reports.

It is also reported that Iran would be required to halt funding and arming allied groups in the region and guarantee that the Strait of Hormuz remains open to international shipping.

In exchange, the United States is offering full sanctions relief, assistance in developing a civilian nuclear energy project in southern Iran's Bushehr, and the removal of the "snapback" mechanism threat that enables the reimposition of previously lifted UN sanctions on Iran.

Reports also indicate that the United States is considering a one-month ceasefire to facilitate further negotiations on the plan.

However, Mohsen Rezaei, the new military advisor to Iran's Supreme Leader, said Monday that Iran will continue its war with the United States until its demands are met, including full reparations, economic sanctions relief and guarantees of non-interference in its internal affairs.