Chinese yuan weakens to 7.0560 against US dollar Wednesday

yuan and dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 234 pips to 7.0560 against the US dollar Wednesday, state news agency (Xinhua) reported.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, China Foreign Exchange Trade System stated.

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.