Chinese Yuan on it’s Four Month Lowest
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 .