Chinese yuan weakens

Beijing:  The central parity rate of the Chinese currency renminbi, or the yuan, weakened 122 basis points to 6.6594 against the US dollar on Tuesday, according to the China Foreign Exchange Trading 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, Xinhua reported. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.