Beijing - Saba:
The Chinese Yuan Declined Against the Dollar Today, Thursday, and the Chinese Central Bank's indicative price reached 7.1854 Yuan per dollar, down 11 Chinese Pips from its level yesterday.
According to Chinese media, Chinese rules allow the Yuan to rise or fall by two percent from the central bank's indicative price each trading day in the spot foreign exchange market.
The indicative price of the Yuan against the dollar is determined based on the purchase prices offered by major financial institutions before the start of daily "interbank" market transactions.
On another note, the People's Bank of China (the central bank) pumped 66.1 billion Yuan into the banking system today, Thursday, through the reverse repurchase mechanism for a period of seven days at an interest rate of 1.5 percent.
The Central Bank says these steps aim to maintain acceptable and abundant cash liquidity in the banking system.
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