Markets > Currencies

Chinese yuan weakens to 6.8998 against USD Monday

Xinhua Financein BEIJING
2017-03-20 09:37

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The central parity rate of the Chinese currency, the renminbi or the yuan, weakened on Monday as investors digested the U.S. Federal Reserve's latest decision to raise interest rates. 

The central parity rate of the Chinese yuan weakened 125 basis points to 6.8998 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System. 

The U.S. central bank on Wednesday raised interest rates for the third time since the 2008 global financial crisis, with the job market strengthening and inflation rising toward its target. 

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.

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