The China Foreign Exchange Trade System reported that the central parity rate of the Chinese yuan, also known as the renminbi, rose 88 pip to 7.1201 against the dollar on Monday.
Each trading day, the yuan is permitted to move by 2% from the central parity rate on China’s spot foreign exchange market.
Based on a weighted average of prices offered by market makers each business day prior to the opening of the interbank market, the central parity rate of the yuan against the dollar is determined.
