Chinese yuan falls slightly against USD on Monday

The Chinese yuan slightly weakened against the US dollar on Monday, with the central parity rate set at 7.1030 yuan per dollar, a decrease of 19 pips, according to the China Foreign Exchange Trade System, as reported by Xinhua.

It’s important to note that the yuan’s fluctuations are managed within a band of two per cent around the central parity rate.

The central parity rate is not directly set by the central bank. Instead, it’s calculated daily based on a weighted average of prices offered by market makers before the opening of the interbank market.