People’s Bank of China raised yuan to 6.9307 per dollar

Almaty. January 5. Silkroadnews – The People’s Bank of China (Central bank) raised the national currency renminbi (the official name of the yuan) by 219 basis points to 6.9307 per dollar, TASS writes.

The growth of yuan fluctuations range against dollar started after beginning of reform in the RMB exchange rate formation mechanism launched by the PRC government.

In August 2015 the Chinese central bank announced the decision to “optimize the methodology for calculating” the exchange rate toward rising role of market forces within the process, in view of China’s foreign trade positive balance, as well as strong position of the yuan against the currencies of other countries.

The exchange rate fluctuations regarding the official parity rate set by the People’s Bank must not exceed 2%.