(MENAFN- Qatar News Agency) The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 1,136 basis points to 6.2298 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.
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, according to China's News Agency (Xinhua).
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. (QNA) Today's fall was a result of an intervention by the Chinese Central Bank to devalue the Yuan in order to boost exports.
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