BUSINESS

Chinese Yuan strengthens to 7.1088 against dollar

Published

2 years ago

October 14, 2022

Nana Musa

The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 13 pips to 7.1088 against the dollar on Friday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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