Chinese yuan weakens

Beijing, June 17 (IANS) The central parity rate of the Chinese yuan weakened 56 basis points to 6.5795 against the US dollar on Friday, according to the China Foreign Exchange Trading System.

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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