The central parity rate of the Chinese currency, Renminbi, strengthened 50 pips to 7.1688 against the dollar on Monday.
This is according to the China Foreign Exchange Trade System.
Before the interbank market opens each business day, market makers give prices that are weighted average to determine the central parity rate of the Yuan against the dollar.
In the international foreign exchange system, parity refers to the exchange rate between the currencies of two countries which makes the purchasing power of both currencies substantially equal.
The Yuan is allowed to rise or fall by two per cent from the central parity rate during each trading day in China’s spot foreign exchange market.
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