Chinese yuan weakens to 6.3739 against USD, on 2nd consecutive day

On the second Consecutive day, the central parity rate of the Chinese currency renminbi, or the yuan, weakened 99 pips to 6.3739 against the US dollar on Friday, according to the China Foreign Exchange Trade System.

Yesterday, it was weakened 82 pips to 6.364 against the US dollar.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, Xinhua News Agency reported.

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, it added.

( With inputs from ANI )

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