The central parity rate of the Chinese currency renminbi, or  yuan, weakened 23 pips to 7.1588 against the dollar on Wednesday, according to the China Foreign Exchange Trade System.

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.

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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/NAN)