The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 145 pips to 6.8880 against the U.S. dollar Thursday, 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 6.8880 against USD Thursday
Impact of the U.S.-Israeli war with Iran is pushing Gulf countries to revisit costly plans for pipelines to bypass the Strait of Hormuz, so that they can continue to export oil and gas, the Financial Times newspaper reported on Thursday.
"Officials and industry executives say new pipelines may be the only way to reduce Gulf countries' enduring vulnerability to disruption in the strait, even though such projects would be expensive, politically complex and take years to complete," said the report.
"Previous plans for pipelines across the region have repeatedly stalled, undone by high costs and complexity," it said.
The Strait of Hormuz is a vital global energy corridor bordered by Iran to the north.
Around a fifth of global liquefied natural gas supply passed through the Strait of Hormuz, which also carries about one quarter of global seaborne oil trade.
Israel and the United States launched joint attacks on Tehran and several other Iranian cities on Feb. 28, killing Iran's then Supreme Leader Ali Khamenei, along with senior military commanders and civilians. Iran responded with waves of missile and drone strikes against Israel and U.S. assets in the Middle East, while tightening control over the Strait of Hormuz by restricting passage to vessels belonging to or affiliated with Israel and the United States.
Gulf countries consider new pipelines to avoid Strait of Hormuz: Financial Times
