China Foreign Exchange Trade System announces parity rates of major currencies

(MENAFN) On Tuesday, the China Foreign Exchange Trade System announced the central parity rates of the Chinese yuan (renminbi) against 25 major currencies. The exchange rates for each currency were determined based on a weighted average of prices provided by market makers before the opening of the interbank market. For instance, 100 U.S. dollars were valued at 718.84 yuan, while 100 euros were set at 752.57 yuan. The Japanese yen had a central parity rate of 4.6233 yuan for every 100 yen.

Additionally, the rates for several other currencies were released, including the British pound, which stood at 907.65 yuan for every 100 pounds, and the Australian dollar, valued at 450.70 yuan per 100 dollars. Other currencies like the Canadian dollar, Swiss franc, and Singapore dollar were also included, with respective central parity rates of 504.98, 799.77, and 532.14 yuan for every 100 units of these currencies.

The rates for some other foreign currencies, such as the Malaysian ringgit and Russian ruble, were also disclosed. For instance, 100 Malaysian ringgit was pegged at 61.732 yuan, and 100 rubles were set at 1,513.87 yuan. Additionally, rates for currencies like the Turkish lira, Mexican peso, and Thai baht were provided, showing their exchange values against the yuan.

The method used to determine these central parity rates varies depending on the currency in question. For example, the central parity rate for the yuan against the Hong Kong dollar is based on both the yuan’s rate against the U.S. dollar and the exchange rate of the Hong Kong dollar against the U.S. dollar. Similarly, the parity rate against the Pataca is calculated using the Hong Kong dollar's rate as a reference.

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