Chinese yuan down 567 pips to 6.68 against US dollar amid economic slowdown

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 567 pips to 6.6899 against the US dollar on Monday, 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 per cent from the central parity rate each trading day, according to Xinhua News Agency.

As per the agency, the central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Amid the COVID-19 induced slowdown, the Chinese economy faces twin challenges of the shrinking job market and an aging population, according to a report.

A recent survey conducted by the China Institute for Employment Research (CIER) at the Renmin University of China and job search website Zhaopin indicate that the number of jobs available per applicant among fresh university graduates in China fell to 0.88 in the fourth quarter of 2021, cited The Hong Kong Post.

The number of jobs in China declined to 12.07 million in 2020 from 12.79 million in 2019. According to the Chinese National Bureau of Statistics (NBS), the unemployment rate in urban areas in 2021 was as high as 14.3 per cent for people aged between 16 to 24 years.