According to Xinhua, the Chinese yuan experienced a 12-pip decline to 7.0979 against the US dollar on Monday, as reported by the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is permitted to fluctuate by up to two percent from the central parity rate on each trading day.
The central parity rate is calculated based on a weighted average of market maker prices prior to the opening of the interbank market every day.
