BUSINESS

Chinese Yuan weakens to 7.1063 against U.S. Dollar

Published

11 months ago

February 8, 2024

Nana Musa

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 14 pips to 7.1063 against the dollar on Thursday, 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

Bears persist on NGX, market capitalisation drops 481bn

Don't Miss

Nigeria, World Bank to strengthen bilateral ties- Edun

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.