Beijing, January 12, 2024: The central parity rate of the Chinese currency, the renminbi, commonly known as the yuan, exhibited a 32-pip weakening against the dollar on Thursday, reaching 7.1087, as reported by the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is permitted to fluctuate within a two percent range, either appreciating or depreciating from the central parity rate each trading day.
The central parity rate, a crucial metric in currency valuation, is determined by a weighted average of prices provided by market makers prior to the opening of the interbank market on each business day. This adjustment reflects the dynamic nature of China’s foreign exchange policies and the ongoing dynamics in the global currency markets.
(Xinhua/NAN)
