Chinese Yuan weakens against Dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 369 pips to 6.9525 against the U.S. dollar.

This is according to the China Foreign Exchange Trade System on Wednesday.

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 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.

Xinhua/NAN