Chinese yuan weakens

Chinese yuan weakens

Beijing, Sep 30 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 78 basis points to 6.6778 against the US dollar Friday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day, Xinhua reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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