China’s Yuan Weakens Against US Dollar
The China Foreign Exchange Trading System (CFETS) has reported that the yuan’s midpoint weakened by 0.0130 yuan to 7.2098 against the US dollar today. This move comes as China works to maintain stability in its foreign exchange market.
Foreign Exchange Market Regulations
According to the Xinhua news agency, the renminbi, China’s official currency, is allowed to fluctuate within a 2% range of the nominal daily trading rate. This measure ensures that the market remains steady and prevents drastic currency value fluctuations.
Yuan-US Dollar Exchange Rate
The yuan’s exchange rate against the US dollar is determined by a weighted average price. This rate is calculated before the interbank market opens for daily trading, providing a benchmark for currency valuation.
The China Foreign Exchange Trading System (CFETS) reported that today’s yuan midpoint weakened by 0.0130 yuan to 7.2098 against the US dollar.
Xinhua news agency said that In China’s foreign exchange market, the renminbi is allowed to rise or fall no more than 2% of the nominal daily trading rate.
Intermediate rate of the yuan against the US dollar. Based on weighted average price Before the interbank market opens for daily trading
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