WORLD

Chinese Yuan weakens to 7. 1338 against dollar

Published

1 year ago

July 28, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 73 pips to 7.1338 against the dollar on Friday, according to the China Foreign Exchange Trade System.

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.

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.

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