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PBOC Sets Yuan Parity At 6.5079 Against The Dollar

1/2/2018, 10:09:30 AMBasics of Trading
PBOC Sets Yuan Parity At 6.5079 Against The Dollar

The People's Bank of China set the yuan parity rate against the dollar at 6.5079 on Tuesday, compared to the previous close of 6.5069, and at the highest level since Sept. 11.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term.