BEIJING, July 31. /TASS/. The people’s Bank of China (Central Bank) on Monday raised the exchange rate of the national currency Renminbi (the official name of the yuan) against the us dollar by 90 basis points to 6,7283 per unit. This is the new maximum level since October of 2016.
The increase in the amplitude of the fluctuation of the yuan against the dollar began after the launch of the PRC government’s reform of the formation mechanism of the exchange rate. In August 2015, the Chinese Central Bank announced the decision to optimize the method of calculation of the exchange rate in favor of increasing the role of market factors with a positive balance in foreign trade of China and the strong position of the RMB relative to the currencies of other countries.
Fluctuations in the exchange rate relative to the official parity rate set by the people’s Bank, must not exceed 2%.
