Business
Chinese Yuan drops against U.S Dollar
Published By
Nimot Sulaimon
Date
5th May, 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.
The central parity rate of the Chinese currency renminbi, or yuan, fell 60 points to 6.9114 against the US dollar on Friday.
This is according to the China Foreign Exchange Trade System.
Each trading day, the yuan is allowed to rise or fall by 2% from the central parity rate in China’s spot foreign exchange market.
The Chinese yuan’s central parity rate against the dollar is based on a weighted average of prices offered by market makers prior to the opening of the interbank market each business day.
Xinhua/NAN
Tags:
Chinese Yuan U.S Dollar
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