Chinese Yuan weakens to 7.0043 against US Dollar

Beijing: The central parity rate of the Chinese currency renminbi, or the yuan, weakened 130 pips to 7.0043 against the U.S. dollar Friday, 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 percent from the central parity rate each trading day.

Parity rates are found in foreign exchange (forex) markets. Two currencies are at ‘parity’ when the exchange rate between them is exactly one to one.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.