BEIJING, Aug. 2 (Xinhua) — The People’s Bank of China (PBOC), China’s central bank, said Tuesday that upon approval by the State Council, it renewed a currency swap agreement for another three years with its Mongolian counterpart, the Bank of Mongolia.
The value of the currency swap totaled 15 billion yuan (about 2.1 billion U.S. dollars), or 7.25 trillion Mongolian tugrik, a statement released by the PBOC said.
The renewal of the agreement will help further deepen financial cooperation between the two countries, promote bilateral economic and trade exchanges, and maintain the stability of the financial market, the statement added.
Chinese yuan weakens to 7.1368 against USD Wednesday
BEIJING, Aug. 2 (Xinhua) — The central parity rate of the Chinese currency renminbi, or the yuan, weakened 85 pips to 7.1368 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.