China's Yuan weakens against US $

The Chinese currency Renminbi, or the yuan, Monday weakened against the US Dollar (USD) as the central parity rate of the yuan was set at 6.5089 per USD. According to China's (Xinhua) news agency, the yuan weakened by 72 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on Wednesday. On China's foreign exchange spot market, the yuan can rise or fall 0.5% from the central parity rate each trading day. The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.