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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