Chinese yuan weakens against dollar | 2019-07-23

Chinese yuan weakens against dollar

23 July, 2019 12:00 AM printer

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 124 basis points to 6.8759 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 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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