The Chinese yuan, often known as the renminbi, gained 159 basis points to 7.0989 against the US dollar on Thursday, according to the central parity rate.

The China Foreign Exchange Trade System states as much.

According to NAN, the yuan can fluctuate by 2% from the central parity rate in China’s spot foreign exchange market every trading day.

A weighted average of the prices given by market makers before to the interbank market opening each business day serves as the basis for the yuan’s central parity rate against the US dollar.

In a related story, the value of Nigeria’s naira declined further on the foreign exchange market in relation to the US dollar.

According to FMDQ data, the naira dropped to N1625.88 per dollar on Wednesday, as reported by DAILY POST. This indicates a N14.54 decline in value relative to the N1611.34 exchange rate that was seen on Tuesday.