Chinese Yuan is used in International Trade with many countries and gaining global momentum. De-Dolarization and the use of alternate currencies, having huge impact on the Dominance of US Dollar globally.
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 1 pips to 7.1148 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System.
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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
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