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The central parity rate of the Chinese currency renminbi, or the yuan, weakened 621 pips to 6.7387 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.
In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, reported Xinhua News Agency.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
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