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China Yuan Retreats to 6.3209 against USD Friday
May 18, 2012 10:26Source:SMM
The Chinese currency Renminbi, or the yuan, gained 24 basis points to 6.3209 against the U.S. dollar on Friday.
BEIJING, May 18 (Xinhua) -- The Chinese currency Renminbi, or the yuan, gained 24 basis points to 6.3209 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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