Chinese Yuan weakens against Dollar

The central parity rate of the Chinese currency renminbi or the Yuan, weakened 83 pips to 7.2555 against the dollar on Friday.

This is according to the stats released by China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the currency, Yuan, is allowed to rise or fall by two per cent 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.

Xinhua/NAN