WORLD

Chinese Yuan weakens to 7.1596 against dollar

Published

1 year ago

June 20, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 395 pips to 7.1596 against the dollar on Tuesday, 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 percent 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.

Related Topics:

Up Next

Threat of Putin using tactical nuclear weapons is ‘real’ – Biden

Don't Miss

Chinese Yuan strengthens 7.1201 against dollar

Nana Musa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.