JAKARTA - The yuan fell sharply by 209 basis points to 6.4464 against the US dollar in trading Thursday, May 20, turning lower from the previous day when it rose 102 basis points to 6.4255, according to the Chinese Foreign Exchange Trading System (CFETS).
In China's spot foreign exchange market, the yuan is allowed to increase or decrease by two percent from its central parity level each trading day.
The middle rate of the yuan against the US dollar is based on the weighted average price offered by market participants prior to the opening of the interbank money market on each working day.
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On Wednesday, May 19, the yuan rose 102 basis points to 6.4255 against the US dollar, reversing higher from a 50 basis point drop a day earlier, according to the Chinese Foreign Exchange Trading System (CFETS).
In China's spot foreign exchange market, the yuan is allowed to increase or decrease by two percent from its central parity level each trading day.
The middle rate of the yuan against the US dollar is based on the weighted average price offered by market participants prior to the opening of the interbank money market on each working day.
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