The central parity rate of the yuan, China's currency Renminbi (RMB), rose to a fresh high Tuesday, breaking the previous record set on Monday, according to the data released by the China Foreign Exchange Trading System.
The yuan's central parity jumped 131 basis points, or 0.19 percent, to the highest level of 6.7378 per U.S. dollar Tuesday from 6.7509 per U.S. dollar Monday, according to the China Foreign Exchange Trading System.
The Chinese currency has seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.
The yuan's central parity against the U.S. dollar has risen by 1.31 percent from the rate of 6.8275 per U.S. dollar, set a day before the PBOC's pledge to increase flexibility.
On the over-the-counter market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.
Based on Tuesday's central parity rate, the yuan weakened against the euro and the Japanese yen.
The yuan's parity against the euro was set at 8.6561 Tuesday, higher from 8.6256 fixed the previous trading day. While the yuan's rate against 100 yen was 8.0833, up from 8.0153 Monday.
The Chinese currency's value also rose against the British pound, Hong Kong dollar and Malaysian Ringgit Tuesday based on its parity rates against them.
The yuan's central parity jumped 131 basis points, or 0.19 percent, to the highest level of 6.7378 per U.S. dollar Tuesday from 6.7509 per U.S. dollar Monday, according to the China Foreign Exchange Trading System.
The Chinese currency has seen increased volatility in the trading days since the People's Bank of China (PBOC), the central bank, announced on June 19 this year to increase exchange rate flexibility.
The yuan's central parity against the U.S. dollar has risen by 1.31 percent from the rate of 6.8275 per U.S. dollar, set a day before the PBOC's pledge to increase flexibility.
On the over-the-counter market, the yuan can rise or fall 0.5 percent from the central parity rate during trading each day.
Based on Tuesday's central parity rate, the yuan weakened against the euro and the Japanese yen.
The yuan's parity against the euro was set at 8.6561 Tuesday, higher from 8.6256 fixed the previous trading day. While the yuan's rate against 100 yen was 8.0833, up from 8.0153 Monday.
The Chinese currency's value also rose against the British pound, Hong Kong dollar and Malaysian Ringgit Tuesday based on its parity rates against them.
