BEIJING (Armfalcon.com) – The yuan’s central exchange rate plunged 256 basis points to 6.8987 against the US dollar in Thursday trading, turning sharply lower after strengthening 83 basis points to 6.8731 a day earlier, according to the China Foreign Exchange Trading System.
In the market spot China’s foreign currency, the yuan is allowed to rise or fall by 2.0 percent from its median parity rate each trading day.
The middle rate of the yuan against the US dollar is based on the weighted average of the prices offered by market participants before the opening of the interbank money market on each business day.
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Translator: Apep Suhendar
Editor: Faisal Yunianto
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