Chinese yuan strengthens to 6.8088 against USD Monday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 21 pips to 6.8088 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 6.8088 against USD Monday

U.S. President Donald Trump said on Sunday that the Strait of Hormuz is to reopen upon signing of a deal with Iran on June 19.

Trump said in a post on social media that the U.S.-Iran peace deal is complete and he has authorized the toll-free opening of the Strait of Hormuz and the immediate removal of the U.S. naval blockade against Iranian ports.

Trump says Strait of Hormuz to reopen upon signing of deal with Iran on Friday