The central parity rate for the Chinese renminbi (yuan) was set at 7.1106 against the US dollar on Monday, marking a strengthening of 22 basis points from the previous trading day, according to data released by the China Foreign Exchange Trade System.
Within China’s spot foreign exchange market, the yuan is permitted to fluctuate within a band of 2% above or below the daily central parity rate.
This benchmark rate is determined each business day by calculating a weighted average of the prices submitted by market makers prior to the opening of the interbank market.