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People's Daily Online>>China Business

China's yuan weakens against USD Monday

(Xinhua)

10:28, February 27, 2012

BEIJING, Feb. 27 (Xinhua) -- The Chinese currency Renminbi, or the yuan, weakened against the U.S. dollar Monday.

The central parity rate of the yuan weakened by 20 basis points to stand at 6.2985 against the U.S. dollar on Monday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.

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

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