Business

Yuan strengthens 7.1124 against dollar

Published

2 years ago

on

August 30, 2024

By

Feyijimi Emmanuel

Yuan and Dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 175 pips to 7.1124 against the dollar on Friday.

This is according to the China Foreign Exchange Trade System.

ALSO READ: Yuan weakens to 7. 1299 against dollar

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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Osun 2026: Vote-Buying, Security Concerns Raise Fresh Questions Ahead of Nigeria’s 2027 Elections OSOGBO — The 2026 Osun State governorship election has ended, but concerns over vote-buying, electoral technology, security and public trust could offer important lessons as Nigeria prepares for the 2027 general elections. The August 15 election was largely peaceful across the state, with election observers commending voters and electoral officials for the overall conduct of the poll. However, reports of voter inducement, technical difficulties with the Bimodal Voter Accreditation System (BVAS) and isolated incidents of violence highlighted persistent weaknesses in Nigeria's electoral process. The Centre for Democracy and Development (CDD-West Africa), in its preliminary assessment, reported BVAS delays and biometric verification problems in several local government areas, while observers also recorded allegations of vote-buying and isolated security incidents. Vote-buying remains a major concern One of the strongest warnings from Osun was the continued presence of vote-buying and voter inducement. Yiaga Africa said the results declared by the Independent National Electoral Commission (INEC) were consistent with its independent statistical projections, but cautioned that this did not remove concerns about the integrity of voters' choices amid reports of vote-buying and inducement. The concern is particularly significant ahead of 2027, when political competition will take place nationwide and involve presidential, National Assembly and state-level contests. The International Republican Institute (IRI), following a pre-election assessment mission conducted in August, identified monetised political competition, election-related violence, insecurity and declining public confidence in INEC among the structural challenges facing the 2027 elections. 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The institute urged security agencies to identify high-risk areas early and develop location-specific plans to prevent intimidation, disruption and attacks on electoral participants. Osun offers lessons ahead of 2027 Despite the challenges, observers say the Osun election also provides evidence that improvements in election administration can produce positive results. Yiaga Africa's assessment found that INEC and security agencies largely passed the test of conducting the election, while its independent verification indicated that the official results accurately reflected the ballots counted at polling units. The challenge ahead is to build on those gains while addressing the weaknesses exposed during the election. For INEC, that means improving BVAS reliability, strengthening result-transmission and collation procedures and maintaining clear communication with voters and political parties. 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