PBOC: Improving Quotation of RMB Central Parity

2015-8-11

The People's Bank of China announced that in order to enhance the market-orientation and benchmark status of central parity, the PBOC has decided to improve quotation of the central parity of RMB against US dollar.

Effective from 11 August 2015, the quotes of central parity that market makers report to the CFETS daily before market opens should refer to the closing rate of the inter-bank foreign exchange market on the previous day, in conjunction with demand and supply condition in the foreign exchange market and exchange rate movement of the major currencies.

Source: AAStocks