WORLD

Chinese Yuan weakens against dollar

Published

2 years ago

May 19, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 389 pips to 7.0356 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 weighed average of prices offered by market makers before the opening of the interbank market each business day.

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Nana Musa

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