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China Yuan Retreats to 6.3205 against USD Wednesday
May 16, 2012 10:35Source:SMM
The Chinese currency Renminbi, or the yuan, lost 95 basis points to 6.3205 against the U.S. dollar on Wednesday.
BEIJING, May 16 (Xinhua) -- The Chinese currency Renminbi, or the yuan, lost 95 basis points to 6.3205 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 1 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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