China's Yuan Edges Down Against U.S Dollar

(MENAFN) China's currency weakened against the greenback Thursday as authorities set a lower midpoint for the trading session, marking continued pressure on the yuan amid evolving currency market dynamics, official exchange data confirmed.

The yuan's central parity rate declined 19 basis points to 6.9457 per U.S. dollar, according to the China Foreign Exchange Trade System.

Under China's tightly managed currency framework, the yuan is permitted to fluctuate up to 2 percent in either direction from the daily central parity rate during spot foreign exchange market trading sessions throughout the day.

Chinese authorities calculate the midpoint reference rate using a weighted average of price quotations submitted by designated market makers prior to the interbank market's opening each business day, establishing the trading band for currency transactions.

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