Chinese Yuan weakens to 6.5598 against USD Wednesday

By Xinhua

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 the Yuan, weakened eight pips to 6.5598 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trade System.

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.