BUSINESS

Yuan weakens to 7.1996 against dollar

Published

20 hours ago

December 3, 2024

Nana Musa

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 131 pips to 7.1996 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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