Thursday Update: Chinese Yuan Gains Strength, Reaches 7.0997 Against USD
Beijing, The Gulf Observer: On Thursday, the central parity rate of the Chinese currency renminbi (yuan) exhibited a slight strengthening, marking a 5-pip increase to 7.0997 against the U.S. dollar, as reported by the China Foreign Exchange Trade System.
It is noteworthy that in China’s spot foreign exchange market, the yuan is permitted to fluctuate within a 2 percent margin from the central parity rate on each trading day.
The determination of the central parity rate itself involves a weighted average of prices presented by market makers before the commencement of the interbank market each business day, reflecting the dynamics of the yuan against the U.S. dollar.
