The China Foreign Exchange Trade System has reported a 60 pips decline in the central parity rate of the Chinese currency, the renminbi, also known as the yuan, against the dollar on Friday. The new rate stands at 6.9114.
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. NAN