Chinese yuan weakens

Beijing, Nov 1 (IANS) The central parity rate of the Chinese yuan weakened against the US dollar on Tuesday.

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 93 basis points to 6.7734 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System, Xinhua news agency reported.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

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.

–IANS

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