China’s yuan trades lower against US dollar

Beijing: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 414 basis points to 6.7495 against the US dollar 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.

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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