China's Yuan weakens against US $

The Chinese currency Renminbi, or the yuan, Tuesday weakened against the US Dollar (USD) as the central parity rate of the yuan was set at 6.5108 per USD The yuan weakened by 19 basis points from the previous trading day. It hit a record new high of 6.4948 per USD on last Wednesday, according to Xinhua news agency. 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.