BUSINESS

Chinese Yuan weakens to 7.0982 against dollar

Published

1 year ago

December 19, 2023

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 49 pips to 7.0982 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 per cent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. 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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