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China’s Yuan Weakens

The Chinese yuan
The Chinese Yuan (Photo: Wikipedia)

The Chinese yuan
The Chinese yuan (Photo: Wikipedia)
Beijing: The Chinese yuan went down 111 basis points to 6.1312 against the US dollar Monday, according to the China Foreign Exchange Trading System.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by 1 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 before the opening of the market each business day.

Source: IANS