Renminbi Pierces 6.5 Threshold, Hits 18 Month High

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The central parity rate of the Chinese yuan has risen to 6.492 against the US dollar on 3 January according to figures from the China Foreign Exchange Trade System.

The renminbi’s central parity rate has risen by 159 basis points compared to yesterday’s trading session, for its highest level since 3 May 2016.

On Tuesday the central parity rate saw an on-day surge of 263 basis points, hitting its highest level in three months.

According to analysts the Chinese yuan has seen its performance boosted by a sizeable decline in the US dollar index, as well as improving PMI data for China.

The yuan’s central parity rate against the dollar is compiled on the basis of a weighted average of prices provided by market makers prior to the opening of the interbank market on a given trading day.

 

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