(Yicai Global) Oct. 31 -- The Chinese Yuan performed stronger against the US Dollar earlier on Tuesday, amid a rising SHIBOR rate in the local interbank market.

As of 1.33 p.m., The onshore market for the greenback against the yuan was 6.6246, 193 basis points, or 0.29% lower than the previous day's close, representing the yuan's highest level against the dollar in a week. 

The off-shore market dollar against the yuan fell lower. As of 1.30 p.m., the price was 6.6231, significantly lower than a high of 6.6401 seen in the morning session.

Despite the Chinese central bank continuing to inject fresh funds into the local market, the overnight Shanghai Interbank Offered Rate (SHIBOR) for three-month loans was continued to rise to 4.3954 percent on Tuesday, representing its highest point since Sept. 11.

The Chinese central bank set the central parity rate of the yuan against the dollar at 6.6397 earlier on Tuesday, 90 basis points higher than Monday's three-week low of 6.6487.