BUSINESS

Chinese Yuan weakens to 7.1 against dollar

Published

11 months ago

January 23, 2024

Nana Musa

The central parity rate of the Chinese currency, Renminbi, or the Yuan, weakened 12 pips to 7.1117 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 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

FG re-opens 4 bonds worth N360bn for auction

Don't Miss

Average price of 5kg cooking gas stood at N4,962.87 in December 2023 – NBS

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.