The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 66 pips to 6.8562 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 6.8562 against USD Wednesday
U.S. exports and imports of goods and services reached 320.9 billion U.S. dollars and 381.2 billion U.S. dollars in March, respectively, resulting in a trade deficit of 60.3 billion U.S. dollars, according to data released by the Department of Commerce on Tuesday,
The deficit increased by 2.5 billion U.S. dollars, or about 4.4 percent, from the previous month. This marked the second consecutive monthly rise in the U.S. trade deficit, primarily driven by a surge in goods imports.
In March, U.S. goods imports rose by 10.6 billion U.S. dollars to 302.2 billion U.S. dollars, with increases noted in imports of motor vehicles and parts, consumer goods, capital goods, and industrial raw materials.
U.S. trade deficit grows in March
