Chinese Yuan Nudges Down Against U.S. Dollar
(MENAFN) The Chinese yuan continued to face downward pressure on Thursday, as the central parity rate slipped 47 pips to 7.1102 against the U.S. dollar, according to the China Foreign Exchange Trade System (CFETS).
The daily fixing rate, published by CFETS, serves as the official benchmark for the yuan's value against the dollar. It is determined based on a weighted average of quotes submitted by market makers before the opening of the interbank currency market each business day.
Under China’s current foreign exchange regime, the yuan is permitted to fluctuate by up to 2 percent above or below the central parity rate during daily trading on the spot market.
The movement comes amid persistent macroeconomic headwinds and global currency volatility, which have placed additional strain on the Chinese currency in recent weeks. The depreciation trend reflects broader investor sentiment and ongoing adjustments in monetary policy.
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