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The central parity rate of the Chinese renminbi, or Yuan, weakened by 29 pips to 7.122 against the US dollar on Thursday, as reported by the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the Yuan is permitted to fluctuate within a range of two percent from the central parity rate on each trading day. The central parity rate itself is determined by a weighted average of prices provided by market makers prior to the opening of the interbank market every business day.
This recent decline in the Yuan follows a similar trend, with the currency previously weakening to 7.1214 against the dollar earlier.
Market analysts continue to monitor the fluctuations of the Yuan as they impact international trade and economic relations.
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