Chinese Yuan gains against U.S Dollar

The central parity rate of the Chinese currency renminbi, or the yuan, on Friday gained 23 pips to 7.1788 against the American dollar.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.

The central parity rate itself is calculated based on a weighted average, which takes into account the prices quoted by market makers.

This calculation is performed before the commencement of trading activities in the interbank market, and this process is carried out on each business day.

Xinhua/NAN