The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 31 pips to 6.7917 against the U.S. dollar Tuesday, 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 6.7917 against USD Tuesday
British Prime Minister Andy Burnham formed a new cabinet on Monday, appointing former Defense Secretary John Healey as Chancellor of the Exchequer, according to a statement from the his office.
Healey had resigned as defense secretary following disagreements over the previous government's defense spending plans. British media described his appointment as chancellor as unexpected.
Ed Miliband was appointed foreign secretary, while Shabana Mahmood remained home secretary. Louise Haigh was named first secretary of state, chancellor of the Duchy of Lancaster and minister for the Cabinet Office. Yvette Cooper was appointed health secretary, while Pat McFadden remained as work and pensions secretary.
In his inaugural speech outside 10 Downing Street earlier on Monday, Burnham pledged to deliver "the biggest changes in the last 40 years" and introduce "a new political model and a new economic model."
After Keir Starmer resigned as British prime minister on the same day, Burnham, the new leader of the ruling Labor Party, accepted King Charles III's invitation at Buckingham Palace to form a government and officially became the British prime minister.
British new PM Burnham forms new cabinet
