Business
Chinese Yuan strengthens against U.S Dollar
Published By
Nimot Sulaimon
Date
9th June, 2023
Quick Read
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.
Good turn as the central parity rate of the Chinese currency renminbi, or the yuan, strengthened 165 pips to 7.1115 against the dollar on Friday.
This is according to the China Foreign Exchange Trade System.
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.
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.
Xinhua/NAN
Tags:
Chinese Yuan U.S Dollar
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