The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 1 pips to 7.1732 against the dollar on Wednesday, according to the China Foreign Exchange Trade System.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
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However in China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. (Xinhua/NAN)
