(Yicai Global) Dec. 3 -- The Chinese yuan has rallied on a trade truce that Chinese President Xi Jinping and US leader Donald Trump announced during the weekend despite the fact that China's central bank paved the way for the country's currency to trade lower against the US dollar today.

The offshore spot exchange rate opened significantly higher at 6.8964, and was trading at 6.9211 later in the morning session. The onshore spot exchange rate of the yuan against the dollar was 6.9284 in moring session, it was 6.9590 at the close on Nov. 30. 

The People's Bank of China set the central parity rate of the yuan against the greenback 74 basis points lower at 6.9431 today than that of the previous trading day on Nov. 30.  

China's President Xi Jinping and US leader Donald Trump announced a ceasefire to their countries' over four-month-long trade dispute at the Group of 20 summit that was held in Buenos Aires, Argentina, from Nov. 30 to Dec. 1. 

Editor: Emmi Laine