Market News
Yuan strengthens against US Dollar - daily post
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The central parity rate of the Chinese currency, renminbi or the yuan, strengthened 159 pips to 7.0989 against the dollar, on Thursday.
This is according to the China Foreign Exchange Trade System.
NAN reports that in China’s spot foreign exchange market, the yuan can rise or fall by two percent from the central parity rate each trading day.
The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
In a related development, the naira, Nigeria’s currency, continued to depreciate against the dollar in the foreign exchange market.
DAILY POST reported that FMDQ data showed that the naira fell further to N1625.88 per dollar on Wednesday. This represents N14.54 depreciation compared to the N1611.34 exchange rate recorded on Tuesday.
