Chinese yuan weakens to ¥6.8998 to $1

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 81 pips to ¥6.8998 against the dollar on Monday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan was allowed to rise or fall by two per cent from the central parity rate each trading day.

The yuan’s central parity rate against the dollar was based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. 

(Xinhua/NAN)