BEIJING (Armfalcon.com) – The yuan’s central exchange rate sank 389 basis points to 7.0356 against the US dollar in Friday trading, extending losses for a third straight session after falling 219 basis points and 242 basis points two days 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 price 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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