Chinese yuan weakens

Beijing, Oct 29 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 60 basis points to 6.3596 against the US dollar on Thursday, authorities said.

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

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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