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Chinese Yuan Gains Ground Against U.S. Dollar
(MENAFN) The Chinese currency renminbi, commonly known as the yuan, saw its central parity rate appreciate 30 pips to 7.0759 versus the U.S. dollar on Monday, data from the China Foreign Exchange Trade System revealed.
Under China's spot foreign exchange market regulations, the yuan may fluctuate up or down by 2 percent from the central parity rate during each trading session, providing controlled flexibility within established boundaries.
The central parity rate of the yuan relative to the U.S. dollar derives from a weighted average of quotations submitted by market makers prior to the interbank market's opening bell each business day, ensuring transparent price discovery mechanisms.
This Monday's adjustment reflects ongoing dynamics in global currency markets as traders respond to evolving economic conditions and monetary policy signals from major central banks worldwide.
Under China's spot foreign exchange market regulations, the yuan may fluctuate up or down by 2 percent from the central parity rate during each trading session, providing controlled flexibility within established boundaries.
The central parity rate of the yuan relative to the U.S. dollar derives from a weighted average of quotations submitted by market makers prior to the interbank market's opening bell each business day, ensuring transparent price discovery mechanisms.
This Monday's adjustment reflects ongoing dynamics in global currency markets as traders respond to evolving economic conditions and monetary policy signals from major central banks worldwide.
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