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PBOC Sets yuan parity rate at 6.8845 against dollar

2017-3-24 09:54:01Basics of Trading
PBOC Sets yuan parity rate at 6.8845 against dollar

The People's Bank of China set the yuan mid-point at 6.8845 against the dollar on Friday, compared with the previous close of 6.8860.

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.