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Home / Metal News / China's Yuan Retreats to 6.2988 Against USD Wednesday

China's Yuan Retreats to 6.2988 Against USD Wednesday

Feb 22, 2012 14:42

Source:SMM

The Chinese currency Renminbi, or the yuan, weakened 28 basis points to 6.2988 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.

BEIJING, Feb. 22 (Xinhua) -- The Chinese currency Renminbi, or the yuan, weakened 28 basis points to 6.2988 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

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