Chinese yuan weakens 22 pips to 7.0572 against US dollar

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 22 pips to 7.0572 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% from the central parity rate each trading day.

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.

By RSS/Xinhua