China’s yuan continues to weaken against USD on Wednesday

Posted on May 4, 2011 in AllEconomic News
The value of Chinese currency Renminbi (RMB), or the yuan, continued to weaken Wednesday following Tuesday’s slide from the record high of 6.4990 per U.S. dollar on April 29.

The central parity of yuan was set at 6.5013 per U.S. dollar Wednesday, compared with 6.5002 on Tuesday. according to the China Foreign Exchange Trade System.

On China’s foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

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

via China’s yuan continues to weaken against USD on Wednesday – People’s Daily Online.