The Chinese currency, commonly known as the yuan or renminbi, displayed a strengthening pattern as its central parity rate increased by 92 pips, reaching 7.1894 against the US dollar on Wednesday. This adjustment was reported by the China Foreign Exchange Trade System.
In the Chinese spot foreign exchange market, the yuan operates within a system where it is allowed to fluctuate by up to two percent in either direction relative to the central parity rate during each trading day.
The central parity rate of the yuan against the US dollar is determined based on a weighted average calculated from the prices quoted by market makers just before the start of daily trading activities in the interbank market.
[Source: Xinhua/NAN]
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