BUSINESS

Chinese Yuan strengthens to 7. 1788 against dollar

Published

1 year ago

September 1, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 23 pips to 7.1788 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.

Related Topics:

Up Next

Why Africa Needs to Find Solutions to its Own Problems

Don't Miss

Federal, states, LGs share N4.37trn FAAC allocations Jan-June 2023 – NEITI

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.