On Monday, the China Foreign Exchange Trade System reported that the central parity rate of the Chinese currency Renminbi, also known as Yuan, has weakened 83 pips to 6.8835 against the US Dollar. It is important to note that in China’s spot foreign exchange market, trading of yuan is allowed to fluctuate up to two percent 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