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Chinese yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).

The CFETS yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, gained 0.74 points from the previous week to 98.51, according to the CFETS.

The index compares the yuan's value with the value of 24 currencies, including the U.S. dollar, the euro, and the Japanese yen.

Last week also saw an index measuring the yuan against the Bank for International Settlements currency basket edge up 0.83 points from the previous week to 103.

The index measuring the yuan against the Special Drawing Rights basket rose 0.94 points week on week to 93.55.