Business

Yuan weakens to 7. 1249 against dollar

Published

2 years ago

on

August 27, 2024

By

Feyijimi Emmanuel

Yuan

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 110 pips to 7.1249 against the dollar on Tuesday.

This is according to the China Foreign Exchange Trade System.

ALSO READ: Naira declines as U.S. Dollar strengthens, trading near lowest level

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 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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