Yuan Nudges Lower Against U.S. Dollar
(MENAFN) The central parity rate of China's yuan (renminbi) weakened by 37 pips to settle at 7.1056 against the U.S. dollar on Monday, as reported by the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is permitted to fluctuate within a 2 percent range—either up or down—from the central parity rate each day. This means the currency can trade above or below the official benchmark by a set margin based on market dynamics.
The central parity rate itself is determined by a weighted average of exchange rates offered by market makers, calculated before the interbank market opens each business day. The figure provides a key reference point for traders and investors, influencing daily trading activity in the Chinese currency market.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
