BUSINESS Chinese yuan strengthens to 7.0427 against USD Friday

BUSINESS

Chinese yuan strengthens to 7.0427 against USD Friday

Xinhua

09:46, March 27, 2020

BEIJING, March 27 (Xinhua) - The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 265 pips to 7.0427 against the US dollar Friday, according to the China Foreign Exchange Trade System.

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(File photo)

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.

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. 

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