World Economy

Yuan to Stay Stable

Yuan to Stay StableYuan to Stay Stable

The China International Capital Corporation (CICC) has predicted a stable exchange rate for the Chinese currency, the yuan, in 2015, despite a weaker Rmb-USD rate, AsiaFrist reported. The macro economic report released by CICC stated that the central parity rate for renminbi against the dollar will be 6.13 at end-2014 and the spot exchange rate 6.22. At end-2015, the parity rate is expected to be 6.11 and the spot exchange rate to be 6.20. The yuan is allowed to rise or fall by 2% from the central parity rate each trading day in China’s spot foreign exchange market.