Chinese Yuan strengthens to 7. 1788 against dollar

By : Xinhua

Date: 1 September 2023 11:27am WAT

A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019. - The Chinese currency steadied on August 6, a day after Beijing let the yuan weaken against the dollar, sending markets into freefall and leading the US to formally designate China a "currency manipulator". (Photo by STR / AFP) / China OUT

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 23 pips to 7.1788 against the dollar on Friday, according to the China Foreign Exchange Trade System.

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

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