The Chinese yuan gained on Friday as the central parity rate appreciated by 33 pips to 7.1030 per dollar, data from the China Foreign Exchange Trade System (CFETS) showed.
Under China’s foreign exchange rules, the currency is permitted to fluctuate by up to two percent from the daily central parity rate in the spot market. The benchmark rate is calculated each business day based on a weighted average of quotes from market makers before trading begins in the interbank market.