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Chinese yuan weakens against dollar

Chinese Yuan and American Dollar used to illustrate the story

The central parity rate of the Chinese currency renminbi or the yuan weakened 83 pips to 7.2555 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 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)

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Source: Peoples Gazette.

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