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China improves exchange rate formation system

  • Categories:Industry news
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  • Time of issue:1439835840000
  • Views:6

(Summary description)China improves exchange rate formation system

China improves exchange rate formation system

(Summary description)China improves exchange rate formation system

  • Categories:Industry news
  • Author:
  • Origin:
  • Time of issue:2015-08-18 02:24
  • Views:6
Information
BEIJING - China's currency fell sharply in value on Tuesday following the central bank's decision to improve its "central parity system" to  better reflect market development in the exchange rate between the Chinese yuan against the US dollar.
 
Effective beginning Tuesday, daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous da