Chinese Yuan drops value against U.S Dollar
Quick Read
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.
Agency Report
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 73 pips to 7.1338 against the U.S Dollar.
This is according to the China Foreign Exchange Trade System on Friday.
A shocking drop in value after it gained over the dollar recently.
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.
In China’s spot foreign exchange market, the Chinese currency, Yuan, is allowed to rise or fall by two per cent from the central parity rate each trading day.
Xinhua/NAN
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