Chinese yuan weakens to 6.8998 against dollars

By : NAN

Date: 5 September 2022 2:47pm WAT

A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019. - The Chinese currency steadied on August 6, a day after Beijing let the yuan weaken against the dollar, sending markets into freefall and leading the US to formally designate China a "currency manipulator". (Photo by STR / AFP) / China OUT

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 81 pips to 6.8998 against the dollar on Monday, according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the yuan was 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 was based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.