BUSINESS Chinese yuan weakens to 7.0956 against USD Wednesday

BUSINESS

Chinese yuan weakens to 7.0956 against USD Wednesday

Xinhua

09:33, May 20, 2020

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BEIJING, May 20 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 44 pips to 7.0956 against the U.S. dollar Wednesday, 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 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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