China’s yuan edges up against dollar

The Chinese yuan (RMB) edged higher against the US dollar on Monday, with the central parity rate rising 11 pips to 7.1091 yuan per dollar, Xinhua reported.

The yuan is allowed to trade within a band of two per cent above or below the central parity rate. This limits significant daily fluctuations.

The central parity rate is determined based on a weighted average of prices submitted by market makers before the daily opening of the interbank foreign exchange market.