Forex — PBOC Sets Yuan parity At 6.6192 Dollar, the Weakest Since Aug. 29

© Reuters. Yuan Parity — The People’s Bank of China set the yuan mid-point at 6.6192 against the dollar on Wednesday compared to the previous close of 6.6400, the lowest level since Aug. 29.

The China Foreign Exchange Trade System uses the weighted average of the prices of market makers. The highest and the lowest offers are excluded from the calculation. The Central Bank allows the dollar/yuan to move the exchange rate more than 2% above or below the Central parity rate.

Market observers see a yuan-level of 7 against the US dollar, USD/CNY, as an important litmus test for the mood in the near future.

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