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Chinese Yuan Edges Down Against U.S. Dollar
(MENAFN) China's currency weakened against the U.S. dollar Tuesday as authorities established a lower benchmark for trading, according to official exchange data.
The China Foreign Exchange Trade System reported that the central parity rate for the renminbi—commonly known as the yuan—declined 15 pips to 6.9858 per dollar.
Under China's managed currency framework, the yuan can fluctuate within a controlled band during daily trading sessions. The currency is permitted to rise or fall by 2 percent from the central parity rate each trading day, according to regulations governing the spot foreign exchange market.
Chinese monetary authorities determine the daily reference rate through a calculation process involving multiple financial institutions. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
The modest depreciation comes amid ongoing global currency volatility and reflects China's continued management of its exchange rate regime.
The China Foreign Exchange Trade System reported that the central parity rate for the renminbi—commonly known as the yuan—declined 15 pips to 6.9858 per dollar.
Under China's managed currency framework, the yuan can fluctuate within a controlled band during daily trading sessions. The currency is permitted to rise or fall by 2 percent from the central parity rate each trading day, according to regulations governing the spot foreign exchange market.
Chinese monetary authorities determine the daily reference rate through a calculation process involving multiple financial institutions. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
The modest depreciation comes amid ongoing global currency volatility and reflects China's continued management of its exchange rate regime.
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