Chinese yuan weakens to 7.0136 against USD Friday

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 97 pips to 7.0136 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

A bank clerk counts banknotes of China's yuan and U.S. dollars in a bank in Jiangsu Province on Tuesday, August 6, 2019. [File photo: VCG]

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.