China’s currency Renminbi or Yuan strengthened against the US dollar. The Chinese currency rose 51 pips to 6.8147 yuan against the dollar, according to data provided by the China Foreign Exchange System (CFETS) on Tuesday.
The yuan can fluctuate up to 2 percent daily against the Central Parity Rate in China’s spot foreign exchange market.
The central exchange rate is determined on the basis of the average of the rates given by the market-makers before the opening of the inter-bank market every working day, according to the relevant authorities.
Source: CMG (China Media Group)
Today’s update at a glance:
- Currency Name: Renminbi (Yuan)
- Current rate (against the dollar): 6.8147 yuan
- Change: +51 pips (increase)
- Daily Fluctuation Limit: Maximum 2% (Spot Market)
