• Sunday, May 05, 2024
businessday logo

BusinessDay

Chinese Yuan weakens to 7. 1797 against dollar

Chinese Yuan weakens to 7. 1797 against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 19 pips to 7.1797 against the dollar on Thursday, 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.

Read also: Business activity shrinks, nears naira crunch levels

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.