China's yuan further weakens, sharp depreciation unlikely
18:36, 19 July 2016
BEIJING. KAZINFORM The Chinese currency renminbi, or the yuan, continued to weaken on Tuesday but analysts said more sharp depreciation is unlikely.
The central parity rate of the yuan weakened 10 basis points to 6.6971 against the U.S. dollar, the weakest level in five and half years, according to the China Foreign Exchange Trading 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.
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.
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