China’s yuan weakens against USD Monday

Posted on May 16, 2011 in AllEconomic News
The Chinese currency Renminbi, or the yuan, Monday weakened against the U.S. Dollar (USD) as the central parity rate of the yuan was set at 6.5089 per USD.

The yuan weakened by 72 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on Wednesday.

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 weakens against USD Monday – People’s Daily Online.