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Yuan Strengthens To 6.7854 Against Dollar

KANABE MEDINAT, EditorBy 1 Min Read
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LAGOS, Nigeria (VOICE OF NAIJA)- The central parity rate of the Chinese currency renminbi, also known as the yuan, strengthened by 51 pips to 6.7854 against the US dollar on Wednesday.

The China Foreign Exchange Trade System disclosed this in its latest update.In China’s spot foreign exchange market, the yuan is permitted to appreciate or depreciate by up to two per cent from the central parity rate on each trading day.

The yuan’s central parity rate against the dollar is determined based on a weighted average of prices quoted by market makers before the opening of the interbank market each business day.

(Xinhua/NAN)

Medinat Kanabe is a multiple award winning journalist with over 15 years of journalism experience. She holds a Masters Degree from Babcock University, Ogun State. She has reported education, health, gender, business. Her most recent awards and recognition are Third Place Winner, Nutrition Category, Diamond Award for Media Excellence, DAME, 2021, International Centre for Investigative Reporting Award, 2021; Runner-Up, Tourism Reporter, Nigerian Media Merit Award, 2021; Winner Female Reporter of the Year, Nigeria Media Merit Award (NMMA), 2019, Second Runner-up, Nutrition Category, Diamond Award for Media Excellence (DAME), 2018, among others

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