Chinese Yuan weakens to 7.1698 against dollar

The central parity rate of the Chinese currency renminbi or the Yuan, weakened 128 pips to 7.1698 against the dollar on Friday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two percent from the central parity rate each trading day.

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