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Chinese yuan weakens

Posted By: Doraiah Vundavally July 9, 2017

Chinese yuan weakensBeijing, July 10 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 basis points to 6.7964 against the US dollar on Monday, according to the China Foreign Exchange Trade 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, Xinhua news agency 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.

 

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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Chinese yuan weakens

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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.