The central parity rate of the Chinese currency, the renminbi (Yuan), weakened by five pips to 6.8431 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the Yuan is permitted to fluctuate by up to two per cent above or below the central parity rate each trading day.
The central parity rate is determined using a weighted average of prices quoted by designated market makers before the opening of the interbank foreign exchange market each business day.
