The Chinese Yuan edged higher against the U.S. dollar today, with the central parity rate rising by 29 basis points to 7.1385, 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 above or below the daily central parity rate.
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The midpoint rate is determined based on a weighted average of prices submitted by market makers before the opening of the interbank market each trading day.
This development underscores continued monitoring of China’s monetary policy and foreign exchange strategies amid global currency market fluctuations.
Image Credit: Puch Newspaper
