The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 55 pips to 6.8318 against the U.S. dollar Monday, 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 6.8318 against USD Monday
China's shipbuilding industry kept landing new orders in the first quarter of this year, securing 92 percent of global new orders for very large crude carriers (VLCCs).
According to the latest data, Chinese shipyards took 67 VLCC orders in the January-March period -- pushing their construction schedules to 2030.
With continuous breakthroughs in core tanker-building technologies, China has now mastered state-of-the-art dual-fuel systems powered by methanol and ammonia.
At the same time, sustained gains in production efficiency have enabled Chinese shipyards to reduce the cycle from keel laying to delivery for a VLCC to only about one year.
Driven by advanced technology and a sharp reading of market trends, Chinese shipbuilders are seeing a concentrated surge in new VLCC orders.
China secures 92 pct of global super-large oil tanker orders in January-March
