Yuan Slightly Strengthened, China Set at 6.8096 per US Dollar

JAKARTA - The Chinese yuan strengthened slightly against the US dollar on Wednesday, June 17. China set the official name of the yuan, the official name of the yuan, at 6.8096 per US dollar.

As reported by Xinhua, Wednesday, June 17, the mid-rate rose 12 pips from the previous position. The data was announced by China's Foreign Exchange Trade System.

A pip is a small unit for measuring exchange rate changes. A rise of 12 pips indicates a slight movement in the yuan's central rate.

In the Chinese system, the central rate is the daily benchmark for the movement of the yuan. In the spot foreign exchange market, the yuan can rise or fall by a maximum of 2 percent from the central rate on each trading day.

Xinhua reported that the central exchange rate of the yuan against the US dollar is calculated from the weighted average of the prices proposed by market participants before the interbank market opens on each business day.

China's Foreign Exchange Trade System also announced the central exchange rate of the yuan against 25 major currencies. For every 100 US dollars, the central exchange rate is set at 680.96 yuan. Meanwhile, 100 euros are equivalent to 787.76 yuan, and 100 Japanese yen are equivalent to 4.2346 yuan.

Against regional currencies, 100 Hong Kong dollars were set at 86.945 yuan. Meanwhile, 100 Singapore dollars are equivalent to 529.25 yuan, and 100 Thai baht are equivalent to 480.39 yuan.

According to Xinhua, the central exchange rate of the yuan against the Hong Kong dollar is calculated based on the central exchange rate of the yuan against the US dollar and the exchange rate of the Hong Kong dollar against the US dollar at 9:00 on the same working day in the international foreign exchange market.

For the pataca, the central rate is calculated from the central rate of the yuan against the Hong Kong dollar and the pataca exchange rate against the Hong Kong dollar at the same time.

The central exchange rate of the yuan against 22 other currencies is determined based on the average price offered by market participants before the interbank foreign exchange market opens.