Yuan Reference Rate Set 0.04% Higher at 7.0847 per Dollar

(Seoul=Yonhap Infomax) International Economics Department = On the 24th, the People's Bank of China (PBOC) set the yuan's reference rate higher.

The central bank set the dollar-yuan central parity rate at 7.0847 yuan on Monday morning, up 0.04% (0.0028 yuan) from the previous session. A decline in the dollar-yuan rate indicates an appreciation of the yuan against the dollar.

The previous session's closing price in the interbank market (screen number 6402) was 7.1103 yuan.

The yuan's appreciation reflects ongoing efforts by Chinese authorities to stabilize the currency amid global market volatility.

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