Published By: Nimot Sulaimon
27th March, 2023
The central parity rate of the Chinese currency, the Yuan, has weakened 340 pips to 6.8714 against the American Dollar on Monday.
This is according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the Chinese 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.
Last week, hopes for a strong Yuan were dashed after a staggering crash at end of business.
Xinhua/NAN
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