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South Asian Views On Global News - Update 24X7

China’s yuan weakens

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Beijing, May 29 (IANS) The Chinese yuan weakened 11 basis points to 6.1705 against the US dollar in its central parity on Thursday, according to the China Foreign Exchange Trading System.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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