Chinese Yuan Slips to 7.171 Against USD on Monday
BEIJING, June 23 (Xinhua) -- The central parity rate of the Chinese currency, renminbi or yuan, experienced a slight decline, decreasing by 15 pips to 7.171 against the U.S. dollar as reported by the China Foreign Exchange Trade System.
In the context of China's spot foreign exchange market, the yuan has the flexibility to fluctuate within a range of 2 percent above or below the central parity rate for each trading day.
The determination of the central parity rate for the yuan against the U.S. dollar relies on a weighted average of the prices provided by market makers prior to the commencement of the interbank market each business day.
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