China's spot foreign exchange market permits the yuan to fluctuate up or down by two percent from the central parity rate every trading day. On Wednesday, the China Foreign Exchange Trade System reported that the central parity rate for the Chinese currency renminbi, also known as the yuan, weakened by 390 pips to 6.9237 against the dollar. The central parity rate for the yuan against the dollar is determined by taking a weighted average of the prices quoted by market makers prior to the opening of the interbank market on each business day.
Tags:
Business News