China’s Yuan spikes after week long plunge

The central parity rate of the Chinese currency renminbi strengthened by 10 basis points to 6.5626 against the U.S. dollar on Monday.

It came after the RMB dipped to a five-year low against the greenback last week.

As the yuan is under persistent depreciation pressure, Ma Jun, the PBOC’s chief economist, said the RMB’s exchange rate will be determined with more reference to a basket of currencies.

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