Chinese yuan weakens against dollar | 2018-07-10 | daily-sun.com

Chinese yuan weakens against dollar

10 July, 2018 12:00 AM printer

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 57 basis points to 6.6393 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, reports Xinhua.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The central parity rate of the yuan against the Hong Kong dollar is based on the central parity rate of the yuan against the U.S. dollar and the exchange rate of the Hong Kong dollar against the U.S. dollar at 9 a.m. in international foreign exchange markets on the same business day.  The central parity rates of the yuan against the other 22 currencies are based on the average prices offered by market makers before the opening of the interbank foreign exchange market.


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