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China's yuan weakens to 6.296 against USD
Source: Xinhua |
April 16, 2012, Monday
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Online Edition
Online Edition
THE Chinese currency Renminbi, or the yuan, weakened by 81 basis points to 6.296 against the US dollar today, according to the China Foreign Exchange Trading System.
The central parity rate of the yuan stood at 6.2879 against per US dollar on the previous trading day.
The fall of yuan's central parity rate today came after the People's Bank of China (PBOC), the country's central bank, announced Saturday it would widen the yuan's trading band against the US dollar to 1 percent starting today.
Previously, the daily trading limit was set at 0.5 percent.
The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.
The central parity rate of the yuan stood at 6.2879 against per US dollar on the previous trading day.
The fall of yuan's central parity rate today came after the People's Bank of China (PBOC), the country's central bank, announced Saturday it would widen the yuan's trading band against the US dollar to 1 percent starting today.
Previously, the daily trading limit was set at 0.5 percent.
The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.
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