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Chinese yuan weakens to 6.8792 against USD Thursday

2017-04-20 09:39

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The central parity rate of the Chinese currency renminbi, or the yuan, weakened 128 basis points to 6.8792 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System (CFETS). 

The weakening of the yuan came after it strengthened 185 basis points to 6.8664 against the dollar Wednesday on the back of a string of upbeat economic data including the gross domestic product (GDP), which rose 6.9 percent year on year in the first quarter. 

The dollar index, which measures the greenback against six major peers, rebounded Wednesday after Tuesday declining to the lowest level in three weeks. 

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 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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