Chinese Yuan weakens against U.S Dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 11 pips to 7.1587 against the dollar on Friday.

This is according to the China Foreign Exchange Trade System.

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.

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.

Xinhua/NAN