Yuan Strengthens Against US Dollar: A New Benchmark at 7.087
Wednesday, 18 September 2024, 05:33
Yuan Strengthens Against US Dollar
The central parity rate of the Chinese currency renminbi, also known as the Yuan, strengthened 160 pips to 7.087 against the US Dollar on Wednesday. This was reported by the China Foreign Exchange Trade System. The Yuan can fluctuate by two percent from this central parity rate each trading day.
Market Dynamics
- The central parity rate is based on a weighted average of prices offered by market makers before the opening of the interbank market.
- This strengthening of the Yuan comes at a time when other currencies, like Nigeria's Naira, have faced depreciation.
- Data indicates that the Naira fell to N1656.56 per dollar after the Eid-Ul-Mawlid holiday.
This development shows the shifting landscape of currency valuations and highlights the importance of staying informed about foreign exchange trends.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.