Business
Yuan strengthens 7. 0531 against dollar
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 113 pips to 7.0531 against the dollar on Monday.
This is according to the China Foreign Exchange Trade System.
ALSO READ: MPC meeting: Experts urge CBN to halt interest rate hikes as inflation eases
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent 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.
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