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China's yuan weakens

Posted on May 13 2014 | IANS

Beijing, May 13 : The Chinese yuan weakened 11 points to 6.1636 against the US dollar in its central parity Tuesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot 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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