onshore yuan: The People Bank of China , the country central bank, sets the central parity rate, according to Global Times China. The yuan is allowed to rise or fall by 2 percent daily from that rate in the spot market. The central parity rate of the yuan declined 222 basis points to 6.7379 against the dollar on Monday, according to the China Foreign Exchange Trading System. The closing price of the onshore yuan against the US dollar fell to 6.7396 on Monday, according to domestic web portal sina.com on Monday. The dollar was almost unchanged at a seven-month high against other major currencies on Monday, according to a report Monday from the financial website investing.com. "The yuan depreciation recently was caused by many factors, including domestic economic uncertainty such as debt risks, rising capital outflow and declining exports," Zhou Yu, director of the Research Center of International Finance at the Shanghai Academy of Social Sciences, told the Global Times on Monday. "If the US dollar rallies, the yuan is going to have further devaluation," Zhou said. The offshore yuan against the US dollar was 6.7483 as of 17:46 on Monday, according to marketwatch.com on Monday.
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Tagged under onshore yuan, people bank topics.