People's Bank of China strengthens yuan against dollar

The People's Bank of China (Central Bank) strengthened Tuesday the rate of the national currency by 171 basis points, to 6.4254 yuan per USD.

Report informs, citing the bank that it is the maximum rate since June 19, 2018.

The current strengthening of the rate lasts for the third working day in a row. As the financial publication Sina Caijing reported, citing Chinese experts, it is associated with the weakening of the dollar index. Also, the world economy is still under the influence of the pandemic, and the international financial market is facing uncertainty. Meanwhile, China's economy is showing growth and quality development.

According to a forecast, the rate of the Chinese currency will be in the range of 6.45 to 6.6 yuan per dollar in May.