China’s yuan edges lower against US dollar

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China’s yuan edges lower against US dollar

Beijing: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 44 basis points to 6.6901 against the US dollar on Thursday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the U.S. 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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