Chinese Yuan weakens against U.S Dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 33 pips to 7.1486 against the American 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 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