The Chinese currency, the renminbi (yuan), appreciated 97 pips to 7.1287 against the U.S. dollar on Thursday, according to data released by the China Foreign Exchange Trade System.

In the country’s spot foreign exchange market, the yuan is permitted to fluctuate by up to two percent from the central parity rate on each trading day.

The central parity rate of the yuan against the dollar is determined daily, based on a weighted average of prices offered by market makers prior to the opening of the interbank market.