By Omotosho Victor Fiyinfoluwa, SIWES student (Federal Polytechnic Ado-Ekiti)
On Thursday, the central parity rate of the Chinese currency, the yuan, decreased by 32 pips to 7.1087 against the US dollar, as reported by the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan has a daily fluctuation range of two percent from the central parity rate.
This rate is determined based on a weighted average of market makers’ prices before the opening of the interbank market each business day.
