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(Yicai Global) Oct. 15 -- The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under China's central bank the People's Bank of China, lowered the yuan's central parity rate against the dollar by 17 basis points this morning, thus strengthening the redback to 7.0708.
CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may swing 2 percent above or below its figure.
The yuan has rebounded strongly against the greenback since last week, its intraday price of 7.0464 yesterday was the strongest point for the redback in past three weeks, as China and the US made marked progress in multiple areas after holding new high-level economic and trade talks which ended on Oct. 11 in Washington.
Editor: Ben Armour