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Chinese yuan weakens

IANS  |  Beijing 

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 50 basis points to 6.7964 against the on Monday, according to the Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, Xinhua news agency reported.

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

--IANS

pgh/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, July 10 2017. 07:48 IST
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