Commodities Buzz: Chinese yuan strengthens to 6.2771 against USD Tuesday

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 113 basis points to 6.2771 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System. In Chinas 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.