business day: In China spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, according to Xinhua China. The central parity rate of the yuan against the 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 renminbi lost 230 basis points, falling to 6.8115 against the dollar Friday, breaking the threshold of 6.80 for the first time since Sept. 2, 2010, according to data from the China Foreign Exchange Trade System. Trump defeated Democratic candidate Hillary Clinton in U.S. presidential election Tuesday, and the dollar has rallied against several major currencies since Wednesday on the back of a string of positive economic data and the expectation of a looming U.S. interest rate hike. The number of Americans applying for unemployment aid fell more than market expectations last week as the job market kept improving, according to latest data, which strengthened the rationale for a U.S. interest rate increase. The predictions of an interest rate increase by the U.S. Federal Reserve in December did not change after the presidential election, which led to a stronger dollar and weaker non-dollar currencies, said Liu Yangyi, an analyst with the Bank of China.
(news.financializer.com). As
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