Chinese Yuan Strengthens Against Dollar
The Yuan, the central parity rate of the Chinese currency renminbi, strengthened 13 pips to 7.1088 against the dollar on Friday.
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 per cent from the central parity rate each trading day.
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.
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