Yuan Edges Higher Against U.S. Dollar
(MENAFN) The central parity rate of China’s currency, the renminbi (yuan), appreciated by 49 pips, reaching 7.1057 against the U.S. dollar on Tuesday, according to data released by the China Foreign Exchange Trade System.
Under China’s foreign exchange market regulations, the yuan is permitted to fluctuate by as much as 2 percent above or below the central parity rate each day.
The central parity rate, which serves as the benchmark for the yuan’s daily trading, is calculated based on a weighted average of the rates provided by market makers prior to the opening of the interbank market each business day. This mechanism ensures that the rate is set based on actual market conditions, while allowing the currency some flexibility within a prescribed range.
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