Chinese yuan weakens

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Beijing, March 21 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 196 basis points to 6.4824 against the US dollar on Monday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange 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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