China's foreign exchange trading system, CFETS, reported that the yuan's central parity rate weakened by 0.0021 yuan today to 6.7489 yuan per US dollar. Xinhua News Agency reported that in China's foreign exchange market, the yuan is allowed to rise or fall by no more than 2% from the central parity rate for each day's trading. The yuan's central parity rate against the US dollar is based on a weighted average price before the interbank market opens for trading each day.
China sets the yuan's daily midpoint weaker against the dollar, a policy-driven FX move favoring the dollar side.
