BEIJING: The China Foreign Exchange Trade System claimed that the central parity rate of the Chinese yuan, or renminbi, rose by 44 pip Friday to reach 7.2054 against the dollar.
The yuan is allowed to rise by 2% from the central parity rate in China’s spot foreign exchange market each trading day. The weighted average of prices given by market makers each business day before the opening of the interbank market serves as the foundation for the central parity rate of the yuan against the U.S. dollar. —APP
