BEIJING, 12th May, 2023 (WAM) — The central parity rate of the Chinese currency renminbi, or the yuan, weakened 380 pips to 6.9481 against the US dollar on Friday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, state news agency (Xinhua) reported. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. Rola AlGhoul
Source: Emirates News Agency (WAM)