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The Chinese currency continued its sharp decline on July 20, 2018 despite US President Donald Trump’s bid to rein in the dollar, as analysts pointed out that a weaker yuan aids Beijing in its trade tussle with Washington. / AFP PHOTO / FRED DUFOUR
The central parity rate of the Chinese currency renminbi, or yuan, weakened 34 pips to 7.1168 against the dollar on Wednesday, according to the China Foreign Exchange Trade System.
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In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the yuan against the 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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