The value of the Chinese currency renminbi, or the yuan, weakened by 16 basis points to 6.1533 against the US dollar in its central parity on Wednesday, China's (Xinhua) News Agency reported citing the China Foreign Exchange Trading System.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 2% 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.