Chinese yuan weakens to 7.0946 against USD Wednesday

BEIJING, March 27 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 3 pips to 7.0946 against the U.S. dollar Wednesday, 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 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.