The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 6.7884 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 6.7884 against USD Monday
The Iranian parliament's national security and foreign policy committee has approved the general outlines of a strategic action plan to "ensure the security and sustainable progress" of the Strait of Hormuz and the Gulf, the official news agency IRNA reported Sunday.
The plan was discussed at a committee meeting and approved without opposition, IRNA quoted committee spokesperson Hassan Qashqavi as saying.
Qashqavi said lawmakers reviewed submissions from relevant Iranian bodies before endorsing the plan's general framework.
The legislation was formally introduced to the parliament on July 13, according to IRNA.
Iran tightened its grip on the strait on Feb. 28, barring passage of vessels belonging to or affiliated with Israel and the United States following their joint strikes on Iranian territory.
In June, Iran and the United States signed a memorandum of understanding on ending the war on all fronts, including Lebanon. The two sides were scheduled to hold negotiations within a 60-day period to reach a final agreement, but recent escalation in the region has left the talks' fate uncertain.
In July, the U.S. military launched multiple waves of strikes on Iranian targets, saying they were in response to Iranian attacks on vessels in the strait and aimed at "degrading Iran's ability to threaten commercial shipping". Iran responded with missile and drone strikes on U.S. military bases and facilities in the region.
Iran and Oman have been negotiating for a few weeks to reach an agreement on the designation of a new route in the strait for safe maritime traffic.
Iranian parliamentary committee approves Hormuz Strait security action plan: media
