BUSINESS Chinese yuan weakens slightly last week

BUSINESS

Chinese yuan weakens slightly last week

Xinhua

11:07, May 13, 2019

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File photo: VCG

BEIJING, May 13 (Xinhua) -- China's yuan weakened slightly against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS) index.

The CFETS yuan exchange rate composite index, known as the CFETS RMB Index, which measures the yuan's strength relative to a basket of currencies, came in at 94.79 on May 10, the last trading day of last week, a drop of 0.84 points from a week earlier.

The index compares the yuan to the value of 24 currencies, including the US dollar, euro and Japanese yen, which was expanded from a basket of 13 currencies in 2016.

Last week also saw an index that measures the yuan against the Bank for International Settlements currency basket drop 0.95 points to 98.42.

The index measuring the yuan against the Special Drawing Rights basket edged down 1.19 points to 94.41.

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