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Chinese Yuan Edges Up Against U.S. Dollar
(MENAFN) The central parity rate of the Chinese yuan, also known as the renminbi, strengthened by 75 pips to 6.8854 against the U.S. dollar on Tuesday, according to China Foreign Exchange Trade System data, marking a notable daily gain for the currency.
In the country’s spot foreign exchange market, the yuan is permitted to fluctuate up to 2 percent above or below the central parity rate each trading day, providing some flexibility for traders and investors.
The central parity rate is calculated daily based on a weighted average of prices submitted by market makers before the interbank market opens, reflecting real-time market sentiment and demand for the currency.
In the country’s spot foreign exchange market, the yuan is permitted to fluctuate up to 2 percent above or below the central parity rate each trading day, providing some flexibility for traders and investors.
The central parity rate is calculated daily based on a weighted average of prices submitted by market makers before the interbank market opens, reflecting real-time market sentiment and demand for the currency.
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