BUSINESS

Chinese Yuan strengthens to 7.1856 against dollar

Published

1 year ago

August 28, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 27 pips to 7.1856 against the dollar on Monday, 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.

It was reported that 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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Nana Musa

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