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Chinese Yuan Edges Up Against U.S. Dollar
(MENAFN) China’s currency, the renminbi — commonly known as the yuan — gained ground against the U.S. dollar Monday, with its central parity rate rising 35 pips to 6.8467, the China Foreign Exchange Trade System announced.
The adjustment reflects the daily benchmark-setting mechanism in which the yuan’s parity rate is calculated using a weighted average of prices submitted by designated market makers ahead of the interbank market’s opening each business day.
Under China’s managed exchange rate framework, the yuan is permitted to fluctuate no more than 2 percent above or below the official central parity rate within any given trading session on the spot foreign exchange market.
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