Chinese yuan weakens against US dollar

Beijing, June 22 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 98 basis points to 6.4804 against the US dollar on Friday, 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.)