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Chinese yuan strengthens to $7.0433 against Wednesday

Chinese yuan strengthens to $7.0433 against Wednesday

BEIJING, Aug. 21, (Xinhua): The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 21 pips to 7.0433 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Wednesday by the China Foreign Exchange Trade System: Currency Unit Central parity rate in yuan U.S. dollar 100 704.33 Euro 100 781.72 Japanese yen 100 6.6289 Hong Kong dollar 100 89.809 British pound 100 857.14 Australian dollar 100 477.40 New Zealand dollar 100 451.62 Singapore dollar 100 508.66 Swiss franc 100 720.43 Canadian dollar 100 529.00 Malaysian ringgit 59.359 100 Ruble 942.42 100 Rand 218.01 100 Korean won 17,133 100 UAE dirham 52.132 100 Saudi riyal 53.234 100 Hungarian forint 4,187.22 100 Polish zloty 55.76 100 Danish krone 95.36 100 Swedish krona 137.51 100 Norwegian krone 127.60 100 Turkish lira 81.352 100 Mexican peso 280.52 100 Thai baht 436.90 100 The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. The central parity rate of the yuan against the Hong Kong dollar is based on the central parity rate of the yuan against the U.S. dollar and the exchange rate of the Hong Kong dollar against the U.S. dollar at 9 a.m. in international foreign exchange markets on the same business day. The central parity rates of the yuan against the other 22 currencies are based on the average prices offered by market makers before the opening of the interbank foreign exchange market. She said investors were concerned about the Federal Reserve release on Wednesday of the minutes from the July 30-31 policy meeting when the US central bank cut the benchmark interest rate but Fed Chair Jerome Powell offered confusing signals about whether to expect additional rate cuts in 2019. "The market clearly is pricing in a 25 point cut at the next Fed meeting," Krosby said. "I wouldn't put that much on tomorrow's minutes, but in a market that is concerned about growth and trade, the effective trend on corporate spending and ultimately hiring, any information that the market doesn't have now will be important." Among individual companies, Home Depot jumped 4.4 percent after it reported better-than-expected second-quarter profits. But the home-improvement retailer lowered its full-year sales estimate due to lower lumber prices as well as the potential hit to consumers from a new round of US tariffs on Chinese goods. Kohl's, another retailer, sank 6.9 percent as it reported a 2.9 percent drop in comparable sales in the second quarter.

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