BUSINESS Chinese yuan weakens to 7.0490 against USD Thursday

BUSINESS

Chinese yuan weakens to 7.0490 against USD Thursday

Xinhua

09:57, August 22, 2019

BEIJING, Aug. 22 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 57 pips to 7.0490 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.

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File photo: VCG

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

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

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