Forex — PBOC Sets Yuan parity At 6.6273 Against the Dollar

Yuan Parity — The People’s Bank of China set the yuan mid-point at 6.6273 against the dollar on Tuesday, after the previous one in the vicinity of 6.6248.

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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