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PBOC Sets yuan parity rate at 6.9125 against dollar

3/9/2017, 10:17:27 AMBasics of Trading
PBOC Sets yuan parity rate at 6.9125 against dollar

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The People's Bank of China set the yuan mid-point at 6.9125 against the dollar on Thursday, compared with the previous close of 6.9135. The yuan opened at 6.9131.

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 watches see a yuan level of 7 against the dollar as a key touchstone for sentiment in the near term.