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Chinese Yuan Edges Down Against U.S. Dollar
(MENAFN) The Chinese yuan depreciated against the U.S. dollar in official trading Monday, with the central parity rate sliding 22 basis points to 7.0572, China Foreign Exchange Trade System data confirmed.
The modest decline marks the latest movement in the tightly managed currency's exchange rate mechanism, which operates under strict parameters set by Chinese monetary authorities.
Under China's foreign exchange framework, the renminbi maintains a controlled trading band within the spot market. Daily fluctuations are restricted to a maximum 2 percent deviation—either upward or downward—from the official central parity rate established each morning.
The central parity rate itself represents a carefully calibrated benchmark determined through a weighted average calculation. Before interbank market operations commence each business day, designated market makers submit their proposed pricing. These submissions are then aggregated to establish the day's reference rate against the greenback.
The modest decline marks the latest movement in the tightly managed currency's exchange rate mechanism, which operates under strict parameters set by Chinese monetary authorities.
Under China's foreign exchange framework, the renminbi maintains a controlled trading band within the spot market. Daily fluctuations are restricted to a maximum 2 percent deviation—either upward or downward—from the official central parity rate established each morning.
The central parity rate itself represents a carefully calibrated benchmark determined through a weighted average calculation. Before interbank market operations commence each business day, designated market makers submit their proposed pricing. These submissions are then aggregated to establish the day's reference rate against the greenback.
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