The Chinese currency, renminbi (Yuan), gained 24 pips to settle at a central parity rate of 7.1918 against the U.S. dollar on Monday, 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 percent from the central parity rate during each trading day.
The central parity rate is calculated as a weighted average of prices provided by market makers before the opening of the interbank market daily. This mechanism ensures stability and reflects market demand and supply dynamics.
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