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Chinas yuan weakens 37 basis points to 6.5750 per U.S. dollar Friday
Published :2011-3-16 13:06:00Font :【Large】【Medium】【Small】

The Chinese currency, or the yuan, on Friday weakened 37 basis points against the U.S. dollar from the previous trading day.

The central parity rate was set at 6.5750 per U.S. dollar, compared with 6.5713 yuan per U.S. dollar on Thursday, according to the China Foreign Exchange Trading system.

The central parity rate of the yuan hit a record high of 6.5651 against the U.S.dollar on Monday.

China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.

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 RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

Source: Xinhua
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