According to the China Foreign Exchange Trade System, the central parity rate of the Chinese currency renminbi, or the yuan, weakened 112 pips to 6.9793 against the US dollar Thursday (Dec. 29).
The yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day in China's spot foreign exchange market.
The weighted average of prices given by market makers each business day prior to the opening of the interbank market serves as the foundation for the central parity rate of the yuan against the US dollar.
Tag:·China· US dollar· RMB· Foreign Exchange Trade
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