The Chinese currency renminbi, known as the yuan, demonstrated a strengthening trend as its central parity rate surged by 92 pips, reaching 7.1894 against the US dollar on Wednesday.
This adjustment was reported by the China Foreign Exchange Trade System.
The Chinese spot foreign exchange market maintains a system in which the yuan is permitted to fluctuate within a two percent margin, either upward or downward, relative to the central parity rate during each trading day.
Chinese Yuan Strengthens to 7.1283 Against Dollar
The central parity rate of the yuan against the US dollar is calculated based on a weighted average derived from the prices quoted by market makers just prior to the commencement of daily business in the interbank market.
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