Chinese yuan weakens to 6.7098 against USD TuesdayBEIJING — The central parity rate of the Chinese currency renminbi, or the yuan, weakened 90 basis points to 6.7098 against the US dollar Tuesday, according to the China Foreign Exchange Trading System. An electronic board showing stock movements is seen at a private trading firm in Kuala Lumpur on January 7, 2016. Chinese markets were suspended on January 7, for the second day this week after they fell more than seven percent, leading an Asia-wide sell-off as Beijing weakened the value of the yuan currency by the most since August. AFP PHOTO / MOHD RASFAN / AFP / MOHD RASFANIn 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 US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Source: Manila Bulletin October 11, 2016 02:03 UTC