China’s yuan weakens against USD Tuesday

Posted on May 17, 2011 in AllEconomic News
The Chinese currency Renminbi, or the yuan, Tuesday weakened against the U.S. Dollar (USD) as the central parity rate of the yuan was set at 6.5108 per USD.

The yuan weakened by 19 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on last 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 Tuesday – People’s Daily Online.