Despite US President Donald Trump’s efforts to weaken the dollar, the Chinese currency maintained its rapid slide on July 20, 2018, as analysts pointed out that a lower yuan helps Beijing in its trade spat with Washington.
The China Foreign Exchange Trade System confirmed that on Wednesday, the central parity rate of the Chinese yuan, also known as the renminbi, increased 111 pip to 7.1295 versus the dollar.
The weighted average of prices given by market makers each business day prior to the opening of the interbank market served as the foundation for the central parity rate of the yuan against the dollar.
The Chinese yuan is permitted to climb or fall by two percent on the spot foreign exchange market.
