Chinese Yuan on it’s Four Month Lowest

Chinese Yuan on it’s Four Month Lowest

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The central parity rate of the Chinese currency – Yuan is getting weakened by 2 basis points to 6.1153 against the US dollar on Friday.

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, reports Xinhua news agency.

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 Chinese yuan in the offshore market rose from four-month lows on Thursday as relieved investors welcomed gains by mainland and Hong Kong stocks.

While the offshore yuan traded in Hong Kong was largely stable through the weeks-long rout in the mainland market, hedge funds had stepped up their purchase .

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