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China lowered its U.S. dollar parity rate 6.7980 !
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CHeong ahh !!
ONG KONG (MarketWatch) -- China lowered its U.S. dollar central parity
rate to 6.7980 yuan on Tuesday from 6.8275 yuan the previous day after
allowing the local currency to sharply appreciate in the spot market on
Monday. The lower dollar-yuan parity level comes in the wake of the
central bank's decision over the weekend to remove the yuan's de-facto
peg to the dollar. On any given day, the central bank allows the U.S.
dollar to move 0.5% in either direction from the central parity rate,
while permitting a 3% move in other currencies versus the yuan. Among
other currencies, the China Foreign Exchange Trade System set the euro
parity for the day at 8.3816 yuan from 8.4825 yuan and the British pound
parity at 10.0372 yuan from 10.1382 yuan
