Yuan continues to weaken against USD Thursday

Posted on May 5, 2011 in AllEconomic News
The value of Chinese currency renminbi (RMB), or the yuan, continued to weaken on Thursday after the record high of 6.4990 per US dollar set on April 29.

The central parity of yuan was set at 6.5025 per US dollar on Thursday, compared with 6.5013 on Wednesday, 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 US dollar is based on a weighted average of prices before the opening of the market each business day.

Yuan continues to weaken against USD Thursday – People’s Daily Online.