BUSINESS

Yuan weakens to 7. 1223 against dollar

Published

4 weeks ago

October 22, 2024

Nana Musa

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 241 pips to 7.1223 against the dollar on Tuesday.

This is 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.

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Nana Musa

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