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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