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Chinese yuan rises sharply against euro

Source:   Time:

BEIJING, Jan. 23 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 1,409 basis points to 6.9795 against the euro on Friday, driven up by the quantitative easing (QE) program in the euro zone.

The European Central Bank decided on Thursday to start QE by purchasing public and private securities in a bid to address prolonged period of low inflation.

According to the China Foreign Exchange Trading System, the central parity rate of the yuan against the euro is based on the average prices offered by market makers before the opening of the interbank foreign exchange market.

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