Chinese yuan weakens to 7.0879 against dollar


The central parity rate of the Chinese currency renminbi, or the yuan, weakened 21 pips to 7.0879 against the US dollar on Friday, according to the China Foreign Exchange Trade System, reports BSS/Xinhua.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

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

The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Friday by the China Foreign Exchange Trade System:

Currency Unit Central parity rate in yuan

US dollar 100 708.79

Euro 100 786.61

Japanese yen 100 6.6845

Hong Kong dollar 100 90.332

British pound 100 867.91

Australian dollar 100 479.40

New Zealand dollar 100 449.59

Singapore dollar 100 513.14

Swiss franc 100 722.17

Canadian dollar 100 536.15

Malaysian ringgit 59.203 100

Ruble 932.60 100

Rand 215.10 100

Korean won 16,975 100

UAE dirham 51.562 100

Saudi riyal 52.649 100

Hungarian forint 4,207.08 100

Polish zloty 55.694 100

Danish krone 94.70 100

Swedish krona 137.30 100

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

The central parity rate of the yuan against the Hong Kong dollar is based on the central parity rate of the yuan against the US dollar and the exchange rate of the Hong Kong dollar against the US dollar at 9 a.m. in international foreign exchange markets on the same business day.

The central parity rates of the yuan against the other 22 currencies are based on the average prices offered by market makers before the opening of the interbank foreign exchange market.