BUSINESS Chinese yuan weakens last week

BUSINESS

Chinese yuan weakens last week

Xinhua

17:20, December 07, 2020

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. (Photo: Xinhua)

BEIJING -- China's yuan weakened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS).

The CFETS yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, came in at 95.19 on Dec 4, down 0.4 points from a week earlier, according to the CFETS.

The index compares the yuan with the value of 24 currencies, including the US dollar, euro and Japanese yen.

Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket down 0.46 points to 99.01.

The index measuring the yuan against the Special Drawing Rights basket went down 0.39 points to 94.43.

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