China's currency, the yuan, Tuesday saw a readjustment in its accelerated appreciation against the U.S. dollars last week.
The central parity rate of the local currency, also known as renminbi, was 7.1175 yuan against one U.S. dollar on Tuesday, down 117 basis points from Monday, when it stood at the record high of 7.1058 yuan against one U.S. dollar.
Observers said the yuan's downward adjustment was a result of easing on the U.S. dollar's depreciation, which followed an overnight announcement of higher-than-expected manufacturing output figures in the United States.
Meanwhile, investors took a wait-and-see attitude as China's top legislature and top political advisory body opened their respective annual sessions this week, at which new policies are expected to be made.
The yuan set a new high last Friday, breaking the 7.11 mark to a central parity rate of 7.1058 yuan against one U.S. dollar.
Over the first two months of this year, the Chinese currency appreciated 2.80 percent against the dollar.
The yuan had climbed 14.13 percent against the U.S. dollar since a new currency regime was imposed in July 2005 to revalue and de-peg it from the dollar.
Source:Xinhua
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