the Chinese yuan depreciated to 7.0948 against the U.S. dollar
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On Thursday, the Chinese yuan depreciated to 7.0948 against the U.S. dollar, as reported by the China Foreign Exchange Trade System. The central parity rate of the renminbi weakened by 2 pips compared to the previous value. In China’s spot foreign exchange market, the yuan is permitted to fluctuate by up to 2 percent from the central parity rate on any given trading day. The central parity rate is determined based on a weighted average of market maker prices prior to the commencement of interbank trading each business day.