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China's Yuan Weakens to 6.4438 Against USD

China's Yuan Weakens to 6.4438 Against USD

Write: Cossette [2011-07-28]
Tags: the yuan
The Chinese currency Renminbi, or the yuan, weakened 12 basis points to 6.4438 per U.S. dollar on Thursday, according to the China Foreign Exchange Trading system.

The yuan hits a record high of 6.4426 per U.S. dollar on Wednesday.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.