Chinese Edges Higher Against U.S. Dollar
(MENAFN) The central parity rate of China’s renminbi, or yuan, climbed by 160 pips on Monday, closing at 7.1161 against the U.S. dollar, according to data released by the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is permitted to fluctuate within a 2 percent band above or below this central parity rate during each trading day, allowing for controlled but flexible market movements.
The daily central parity rate is established based on a weighted average of the prices provided by market makers prior to the opening of the interbank trading session. This method ensures the rate reflects real-time market sentiment and liquidity conditions.
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