Chinese authorities are considering introducing a "counter-cyclical factor" to the existing pricing model of yuan's central parity rate against the U.S. dollar, the China Foreign Exchange Trade System (CFETS) said Friday.
The Chinese currency, the renminbi or the yuan, weakened against the U.S. dollar on Thursday, as the dollar climbed against most major currencies on Wednesday with investors assessing the impact of Republican Donald Trump winning the U.S. presidential election.
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 294 basis points on Monday to 6.5784 against the U.S. dollar, the lowest level since February 2011, according to the China Foreign Exchange Trading System.
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 29 basis points to 6.5302 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.
The recent sharp depreciation of China's currency is just a temporary correction after a change in the country's central parity rate formation system.
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 35 basis points to 6.3975 against the U.S. dollar on Friday after a three-day slump, according to the China Foreign Exchange Trading System.
The adjustment to close the gap between central parity rate and actual trading rate of Chinese currency renminbi (RMB), or the yuan, has basically completed, an official of the People's Bank of China said Thursday at a press conference. Enditem
China's currency fell sharply in value on Tuesday following the central bank's decision to improve its "central parity system" to better reflect market development in the exchange rate between the Chinese yuan against the U.S. dollar.
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened by 11 basis points to 6.1137 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.
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