Chinese yuan weakens to 7.0760 against US dollar Friday

BEIJING, 26th May, 2023 (WAM) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened 231 pips to 7.0760 against the US dollar Friday, the China Foreign Exchange Trade System said.

According to the state news agency (Xinhua), 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 US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.