China’s Renminbi (Yuan) weakened slightly on Wednesday, with the central parity rate easing by 16 pips to 7.0872 per dollar, according to data released by the China Foreign Exchange Trade System.
The daily reference rate is determined from a weighted average of quotes submitted by market makers before trading opens on the interbank foreign exchange market.
Under China’s foreign exchange rules, the Yuan is permitted to trade within a 2 per cent band above or below the central parity rate each business day.
