Biz News Flash

Yuan weakens to 6.5038 per USD Tuesday

(Xinhua)
Updated: 2011-05-24 11:22

BEIJING -- The Chinese currency renminbi, or the yuan, weakened 40 basis points to 6.5038 per US dollar on Tuesday, extending the weakness to the second straight trading days, according to the China Foreign Exchange Trading system.

The central parity of the yuan set a new high of 6.4948 per US dollar on May 11.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

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