Chinese Yuan Falls to 7.1098 Against USD on Thursday

On Thursday, May 23, the central parity rate of the Chinese currency, the renminbi (yuan), decreased by 21 pips to reach 7.1098 against the U.S. dollar, as reported by the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is permitted to fluctuate within a 2 percent margin from the central parity rate on a daily basis. This central parity rate is determined based on a weighted average of market maker prices prior to the commencement of trading in the interbank market each business day.