World News | Chinese Yuan Weakens to 6.9938 Against USD Friday
Get latest articles and stories on World at LatestLY. The central parity rate of the Chinese currency renminbi, or the yuan, weakened 17 pips to 6.9938 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.
Beijing [China], July 24 (Xinhua/ ANI): The central parity rate of the Chinese currency renminbi, or the yuan, weakened 17 pips to 6.9938 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
Parity rates are found in foreign exchange (forex) markets. Two currencies are at 'parity' when the exchange rate between them is exactly one to one.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/ ANI)
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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)