Tariff Balancing
India’s reduction in import tariffs is being positioned as a move toward greater trade openness in the midst of a major global trade war launched by the US which threatens to target more countries.
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 basis points to 6.7964 against the US dollar on Monday, 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 per cent from the central parity rate each trading day, Xinhua news agency reported.
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The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
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