The central banks of Pakistan and China have signed a memorandum of understanding (MoU) on setting up yuan clearing arrangements in the South Asian country to increase the Chinese currency's usage for cross-border transactions.

The following are the central parity rates of the Chinese currency renminbi, or the yuan, against 24 major currencies announced on Thursday by the China Foreign Exchange Trade System:

While excluding the possibility of a one-sided performance of the renminbi exchange rate, the People's Bank of China will make continued efforts to deepen reform in the foreign exchange market and refrain from drastic ups and downs in the Chinese currency, the country's central bank said in an article released on Tuesday.

China will steadily advance the process of the renminbi's internationalization and the country will make its financial market more accessible to international investors in terms of product supply and trading mechanisms to achieve the goal of lifting the global profile of the Chinese currency, industry experts said.

Although the renminbi might continue to face downward pressures against the US dollar in the short term, the Chinese currency is capable of maintaining overall stability and may bounce back by the end of the year, currency market experts said on Tuesday.

The Chinese currency yuan’s weighting was raised to 12.28 percent from 10.92 percent in its first regular review of the SDR evaluation since the yuan was included in the SDR basket in 2016

Myanmar traders have hoped that the Chinese currency renminbi (RMB) accounts in four private banks would accelerate border trade.

The business volume of cross-border payments of the Chinese currency renminbi (RMB) grew rapidly in 2021, a report from the People's Bank of China showed.