Chinese yuan weakens to 6.9497 against USD Thursday

Updated 2016-12-29 14:01:58 Xinhua

The central parity rate of the Chinese currency, the renminbi or yuan, weakened 2 basis points to 6.9497 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.

China's central bank denied rumors late Wednesday night that the Chinese yuan had weakened to break a landmark 7 against the U.S. dollar.

The renminbi exchange rate against the U.S. dollar remained stable within the range of 6.9500 to 6.9666 on Wednesday, the central bank said on its official Weibo account in response to inaccurate foreign media reports.

The Chinese yuan has weakened about 7 percent against a strong U.S. dollar so far this year, but it remained relatively stable against a basket of currencies and even gained value against some major currencies.

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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