Chinese Yuan Edges Down Against U.S. Dollar
(MENAFN) China’s central parity rate for the renminbi, widely known as the yuan, fell by 27 pips on Tuesday to 7.1188 against the U.S. dollar, according to data from the China Foreign Exchange Trade System.
In the country’s spot foreign exchange market, the yuan is allowed to move within a 2 percent band above or below this central parity rate each trading day. This mechanism offers a balance between controlled management and market-driven flexibility for the currency’s fluctuations.
The central parity rate is determined daily through a weighted average of quotes submitted by a selected panel of market makers before the interbank market opens. Serving as the official benchmark for yuan trading against the U.S. dollar, this rate captures prevailing market sentiment as well as supply and demand factors that influence the currency’s trajectory throughout the day.
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.
