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PBOC Sets yuan parity rate at 6.9071 against dollar

3/21/2017, 11:22:49 AMBasics of Trading
PBOC Sets yuan parity rate at 6.9071 against dollar

The People's Bank of China set the yuan mid-point at 6.9071 against the dollar (USD/CNY) on Tuesday, compared with the previous close of 6.9090.

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 as a key touchstone for sentiment in the near term.