BEIJING– China’s currency fell sharply in value on Tuesday following the central bank’s decision to improve its “central parity system” to better reflect market development in the exchange rate between the Chinese yuan against the U.S. dollar. Effective beginning Tuesday, daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, and price movement of major currencies, the People’s Bank of China (PBOC) said. (Xinhua)…[+]