FREE Forex Trading Course
Deposit $250 in an FXCM Micro account and receive the DailyFX Power Course FREE OF CHARGE. FXCM Micro is a discount brokerage service offering super low spreads, 1k lot sizes, and flexible 400:1 leverage. Click below to learn more.
Currency trading involves risk of loss.
Leverage magnifies both gains and losses.
China’s central bank has placed the central parity rate of the yuan at 7.7349 to the dollar. Sources at the country’s Foreign Exchange Trading System were cited for this information.
This central parity rate according to the Chinamoney.com website, is quite comparative with the midrange rate of 7.7277 that was established during the trading of the previous day.
January 4th of 2006 was the date that China’s people’s bank began to set a central parity rate each and every day.
China allowed the yuan to appreciate by a little over 2% when on July 21st of 2005 the country extricated the yuan from being tied to the US dollar and instead will now be partnered with an assortment of trade-weighed currencies.
Normally the People’s Bank of China will allow for a .03% trading band on each side of the central parity rate.
15:48
Posted on Apr-03-2007
