Markets

Yuan continues to weaken against dollar

(Xinhua)
Updated: 2011-05-04 10:09

BEIJING - The value of Chinese currency renminbi (RMB), or the yuan, continued to weaken Wednesday following Tuesday's slide from the record high of 6.4990 per US dollar on April 29.

The central parity of yuan was set at $6.5013 per Wednesday, compared with 6.5002 on Tuesday. according to the China Foreign Exchange Trade System.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

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