Chinese yuan weakens to 6.3229 against USD Tuesday - Xinhua

Source: Xinhua| 2018-04-24 10:56:19|Editor: Liangyu

BEIJING, April 24 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, weakened substantially against the U.S. dollar on Tuesday tracking a strong greenback.

The yuan lost 195 basis points to 6.3229 against the U.S. dollar, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

Overnight, the U.S. dollar hit its strongest level since early March, with investors bidding up the currency ahead of a set of key economic events later this week.

The dollar index, a measure of the greenback against six developed market currencies, jumped to 91.035 on Monday.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.