Chinese Yuan strengthens against Dollar

The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 30 pips to 7.1638 against the dollar on Wednesday.

This is according to the China Foreign Exchange Trade System.

It had slumped against the dollar for two consecutive days.

In China’s spot foreign exchange market, the currency 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 American dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua/NAN