Chinese yuan weakens to 6.4408 against USD Monday

BEIJING, May 24 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 108 pips to 6.4408 against the U.S. dollar 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 percent from the central parity rate each trading day.

The weaker yuan came after the country's central bank issued a statement on Sunday, reiterating its determination to keep the yuan's exchange rate basically stable.

The exchange rate of the yuan has remained basically stable at a reasonable and balanced level this year and will continue in this manner, said Liu Guoqiang, deputy governor of the People's Bank of China.

Two-way fluctuations, either appreciation or depreciation, of the yuan will become the norm in the future, with the yuan's exchange rate continuing to depend on market supply and demand as well as changes in the international financial markets, Liu added.

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.