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Chinese Yuan Nudges Up Against U.S. Dollar
(MENAFN) China's currency posted gains Thursday as the renminbi's central parity rate advanced 36 pips to reach 7.0865 versus the U.S. dollar, data from the China Foreign Exchange Trade System revealed.
The strengthening reflects ongoing movements in the world's second-largest economy's currency markets as trading activity continues amid global foreign exchange fluctuations.
The nation's spot forex market operates under regulations permitting the yuan to fluctuate within a 2 percent band—either upward or downward—from the established central parity benchmark during each trading session. This mechanism provides controlled flexibility while maintaining relative stability in currency valuation.
Market makers determine the yuan-dollar central parity rate through a weighted average of their submitted pricing before interbank trading commences each business day, according to Chinese exchange protocols. The daily fixing serves as the reference point for all currency transactions throughout the trading day.
The strengthening reflects ongoing movements in the world's second-largest economy's currency markets as trading activity continues amid global foreign exchange fluctuations.
The nation's spot forex market operates under regulations permitting the yuan to fluctuate within a 2 percent band—either upward or downward—from the established central parity benchmark during each trading session. This mechanism provides controlled flexibility while maintaining relative stability in currency valuation.
Market makers determine the yuan-dollar central parity rate through a weighted average of their submitted pricing before interbank trading commences each business day, according to Chinese exchange protocols. The daily fixing serves as the reference point for all currency transactions throughout the trading day.
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